Say the cost of rental was 100,000, added 2 improvements, new roof (5K) and sewer line (2k); they have gone through a couple years depreciating. Sold the home for 150,000 in 2017 (line 20, pg 2 4757). So cost, 100,000, plus other basis (5,000+2,000), plus 20,000 in commissions should be what pops up in line 21 of pg 2, 4757 or 27,000, but all I am getting is the 100,000 (home cost) + 20,000 (commission). Any help is appreciated. thanks
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You will need to "sell" the other two assets (the roof and the sewer line), as well as the house. You will allocate a proportion of the sales price to each of these items. Using your example:
You will need to "sell" the other two assets (the roof and the sewer line), as well as the house. You will allocate a proportion of the sales price to each of these items. Using your example:
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