Thank you, Mary for your prompt response. Can you elaborate a bit more. I will provide you with a few numbers from my detail list and please let me know which numbers I should divide with what.
Total Cost or other basis = $123,283 ; Basis Total: $116960; Accum Depr: $73842;
On the depreciation work sheet here a few items listed
Appliances - Cost Basis $6K; Basis $6K ; Accum Deprec $6K
Improvements - Cost Basis $6200; Basis $6200 ; Accum Deprc = $3591
Refrigerator - Cost Basis $519; Basis $519 ; Accum Deperec = $519
Carpet - Cost Basis $950; Basis $950; Accum Deprec = $950
Building - Cost Basis $100K; Basis $100K; Accum Deprec = $59237
These are just a few items.
Sale Price was $120K, however I allocated that between the building and land; Building was allocated $114K and Land $6K.
Can you please demonstrate one example using the data I provide above? Thank you
