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dicktax64
New Member

What can I deduct when selling a condo and purchasing another condo of higher value? - I did not do a like kind property exchange at the time (April 2018)

 
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Coleen3
Intuit Alumni

What can I deduct when selling a condo and purchasing another condo of higher value? - I did not do a like kind property exchange at the time (April 2018)

The fact that you purchased another condo has no effect on the sale of the first.

Assuming this is a rental, (there is no like-kind exchange for personal property) you would report the purchase price minus depreciation, plus improvements to get the basis. You would contrast that to the sales price and expenses of sale. You would realize gain or loss. Your gain would be taxable.

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Coleen3
Intuit Alumni

What can I deduct when selling a condo and purchasing another condo of higher value? - I did not do a like kind property exchange at the time (April 2018)

The fact that you purchased another condo has no effect on the sale of the first.

Assuming this is a rental, (there is no like-kind exchange for personal property) you would report the purchase price minus depreciation, plus improvements to get the basis. You would contrast that to the sales price and expenses of sale. You would realize gain or loss. Your gain would be taxable.

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