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Form 4797, do I subtract depreciation from prior years to figure cost basis of rental property that is sold, Line 21?

 
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MinhT
Expert Alumni

Form 4797, do I subtract depreciation from prior years to figure cost basis of rental property that is sold, Line 21?

On line 21 of form 4797, you report the cost basis of the rental property. You do not subtract depreciation from prior years from the cost basis reported on line 21.

The total depreciation allowed or allowable is reported on line 22.

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