- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
i can't see the closing statement. but I see no way a mortgage would reduce tax basis.
do you have the closing statement? what is on line 1 for the purchase/sales price? $120K or less (because closing costs would add to basis) or $380K or less - same reason.
if $120K is correct see a tax pro. you'll need to file form 3115 to change the depreciation and in addition you will owe taxes on the excess depreciation taken
‎January 9, 2022
12:42 PM