Is there any cost or basis on a fully depreciated building?

lin95 · ‎June 4, 2019

sold property for 1125,000 in 2016.Bought said property in 1986 for 105,000. I am carrying the paper. What is my cost or basis for my 2016 tax

MichaelL1 · ‎June 4, 2019

Usually, when you buy a building there is land and building value. So while the depreciation value may be $0, there may be some that were allocated to land.

Then you should the sale, some of the sales price is allocated to land and the remainder to the building. Look at the depreciation schedule and see if you can tell what the depreciable basis was versus the total cost.

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MichaelL1 · ‎June 4, 2019

Usually, when you buy a building there is land and building value. So while the depreciation value may be $0, there may be some that were allocated to land.

Then you should the sale, some of the sales price is allocated to land and the remainder to the building. Look at the depreciation schedule and see if you can tell what the depreciable basis was versus the total cost.