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mbardshore
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- Posted Re: what is relinquished property equity on a 1031 exchange on Investing. September 15, 2020 11:07 PM
- Posted Re: what is relinquished property equity on a 1031 exchange on Investing. September 15, 2020 1:07 PM
- Posted Re: what is relinquished property equity on a 1031 exchange on Investing. September 15, 2020 4:31 AM
- Posted Re: what is relinquished property equity on a 1031 exchange on Investing. September 14, 2020 8:46 PM
- Posted what is relinquished property equity on a 1031 exchange on Investing. September 14, 2020 6:32 PM
- Posted thanks. Not the answer I wanted to hear of course but it... on Investors & landlords. June 6, 2019 1:01 AM
- Posted I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option? on Investors & landlords. June 6, 2019 1:01 AM
- Posted okay thanks on Investors & landlords. June 4, 2019 4:09 PM
- Posted When adjusting basis for capital gains calulcation on rental property, do improvements need to have been depreciated? on Investors & landlords. June 4, 2019 4:09 PM
- Posted it makes sense. I've owned the building 27 years Big ga... on Investors & landlords. June 1, 2019 9:53 AM
- Posted sorry to be a bother here but this is the confusing part"... on Investors & landlords. June 1, 2019 9:53 AM
- Posted thanks This makes sense. I have owned the property for... on Investors & landlords. June 1, 2019 9:53 AM
September 15, 2020
11:07 PM
aha! this 8824 was filed with my tax return 20 years when I sold the first building.Okay got it. It makes sense Thanks
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September 15, 2020
1:07 PM
i appreciate people trying to help but if you don't understand the question it does help for you to answer It's not a question of not tracking my basis . The things that change my basis are capital improvements and the sale which am doing right now. This dollar amount called relinquished property equity was given at the time of the exchange. Is this what the IRS thinks was the basis at the time of the exchange? I know how to calculate basis since then
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September 15, 2020
4:31 AM
the issue is that I am selling the second building . I did not pay capital gains 20 years ago when I bought the first building because of the 1031 exchange but now I must pay capital gains., so I need to know what my basis was when I sold the first building. Yes, the dollar amount on the document called relinquished property equity is sale price minus mortgage minus other sales costs. From what I read online, basis is calculated as purchase price minus accumulated depreciation. But I also read online the basis should have been given to me at the time of the exchange and this relinquished equity figure is the only amount I find. So I'm thinking maybe basis is recalculated when the 1st property is sold but I assume I still need to subtract depreciation
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September 14, 2020
8:46 PM
i know what equity means I'm asking about the 1031 exchange agreement that was created when I rolled over the equity from one property to the next
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September 14, 2020
6:32 PM
30 ye ars ago I bought a rental propety 20 years I did a qualified 1031 exchange Now I am selling the 2nd building On my exchange agreement from 20 years ago there is a $ amount called "Relinquished Property Equity" Is this amount the basis that I should use going into the calculation for the 2nd building? I assume that I subtract the depreciation on the first building from this relinquished property amount / basis before calculating building 2?
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June 6, 2019
1:01 AM
thanks. Not the answer I wanted to hear of course but it was the answer that I thought I would get Thanks for confirming
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June 4, 2019
4:09 PM
I see many comments about adjusted basis when caluculating capital gains on a rental property. What I don't find ( not in Turbo Tax and not on the IRS website) can I only use improvements that were depreciated or can I also incude improvements that totally expensed in the year they were purchased I've owned the building 30 years so lots f small things - new appliances , new hot water tank, etc
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June 1, 2019
9:53 AM
it makes sense. I've owned the building 27 years Big gain. it was owner occupied first, then not owner occupied and just this year owner occupied again. When it was first owner occupied I didn't understand about depreciation and did not take it. But I assume that when I sell it I calculate what I should have taken as depreciation, even if I did not take it, with the understanding that some years it will be 100% and other year it will be 67%
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