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Investors & landlords
@maroneymt No. Two issues to address.
1. The accumulated losses that were not allowed are added to the basis of the house.
2. The depreciation allowed or allowable is the amount that was listed on your tax return each year. This total must be listed, whether you took it or not.
Basis = Cost of home + improvements while not a rental + expenses to sell + unallowed losses - depreciation allowable
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March 31, 2021
2:05 PM