Sold property for $158K on 2016. Between years 2-6 (2006-2012) went back and forth between rental and primary (sometime both in same year) also reported depreciation in the last 4 years (about $12K).
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Try this with pen and paper.[Refinancing will not have an effect on basic numbers for calculation gain or loss]
The formula for calculating your cost basis on rental property is as follows:
* Purchase price
* + Purchase costs (title & escrow fees, real estate agent commissions, etc.)
* + Improvements (replacing the roof, new furnace, etc.)
* + Selling costs (title & escrow fees, real estate agent commissions, etc.)
* - Accumulated depreciation (as reported on your tax forms)
* = Cost Basis
And then calculating your profit or loss would be:
* Selling price
* - Cost Basis
* = Gain or Loss
Try this with pen and paper.[Refinancing will not have an effect on basic numbers for calculation gain or loss]
The formula for calculating your cost basis on rental property is as follows:
* Purchase price
* + Purchase costs (title & escrow fees, real estate agent commissions, etc.)
* + Improvements (replacing the roof, new furnace, etc.)
* + Selling costs (title & escrow fees, real estate agent commissions, etc.)
* - Accumulated depreciation (as reported on your tax forms)
* = Cost Basis
And then calculating your profit or loss would be:
* Selling price
* - Cost Basis
* = Gain or Loss
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