I have a question about how to claim the sale of my rental property. Here's the timeline.
I purchased the house in March of 2006 for 171,500. It was my primary residence from March of '06 until I converted it to a rental in October of 2013. Since the FMV at the time of conversion of 114,000, I was required to take the lesser of FMV or purchase price for depreciation.
It was kept as a rental up to it's sale date in October of 2015, for 148,000. It's my understanding that it wasn't sold at a loss or a gain since it sold at less than the original purchase price, but more than what it was appraised at during in-service date. Any guidance would be appreciated. Thanks.
