Rental structure ($31K) purchased in 1974 is fully depreciated. Only replacement Gutters/Shingles depreciation remains. Sale price: $393,000. Except for first two years of personal use (military) the property used 100% for business. Last tenant moved out on 31 May 2021. Sold Rental on 22 Oct 2021.
Expenses accrued between 31 May and 22 Oct include: Painting; Electrical; Plastering; Contract oversight; demolition; floor tiling; hardwood floor refinishing; plumbing; purchase and installation of new cabinetry and vanities; replacing attic insulation; new appliances; miscellaneous work, materials, and associated meals; and utilities, taxes, and mileage. Total approx. $75K + $29K (Selling expenses)
I thought this was going to be easy!
