GrMcMan57
Level 2
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Yes. Depreciation is only good when you keeping the rental and want to spread out expenses over several years. Cost Basis you want to build up high as you can ...
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This was my home 7 yrs -12/2001to12/232007...…...then yrs Rented 13yr until sold 3/2019Turbo seemed to take cost paid from sale price and stops there .....charg...
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Rental of 12 yrs. had lived in it 5 yrs but prior to 2007.
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Sold a rental for 9800. Paid 80000 in2007, where can I deduct mortgage payoff of $50000? Is a sales expense?
Activity Feed for GrMcMan57
- Posted Is my sick, unemployed daughter living with me my dependent? on Get your taxes done using TurboTax. December 5, 2024 1:41 PM
- Cheered Re: withholdings for OmM1. March 9, 2023 5:50 PM
- Cheered Re: Qualifed Business Loss For Landlords for DavidS127. July 18, 2020 10:27 AM
- Cheered Assuming 2016 is the first year of having rental property... for Carl. July 15, 2020 9:32 AM
- Cheered Re: How do upload my 2018 for bluedeb. July 3, 2020 10:10 AM
- Cheered Re: Sold a rental property in 2019 and had foundation and flooring repair expenses in 2018 and 20... for RobertG. July 1, 2020 1:57 PM
- Cheered Re: Is this the sale of your primary residence or a rental pr... for ThomasM125. May 15, 2020 12:52 PM
- Cheered Re: Sale of a Rental Property in May 2020 for AmeliesUncle. May 15, 2020 12:50 PM
- Cheered Re: Sale of a Rental Property in May 2020 for Carl. May 15, 2020 12:50 PM
- Cheered Re: Sale of a Rental Property in May 2020 for jtax. May 15, 2020 12:46 PM
- Cheered Re: Yes, you want to have it add to the cost basis. Where yo... for Carl. May 15, 2020 12:05 PM
- Cheered Re: Yes, you want to have it add to the cost basis. Where yo... for Critter. May 15, 2020 12:03 PM
- Cheered Re: Yes, you want to have it add to the cost basis. Where yo... for stevekayak. May 15, 2020 12:02 PM
- Cheered Re: Yes, you want to have it add to the cost basis. Where yo... for stevekayak. May 15, 2020 12:00 PM
- Cheered Re: Yes, you want to have it add to the cost basis. Where yo... for Carl. May 15, 2020 11:58 AM
- Cheered Yes, you want to have it add to the cost basis. Where yo... for DanielV01. May 15, 2020 11:52 AM
- Cheered Rental property put up for sale in 2016. Expenses incurred to prep for sale in 2016. Property sold in 2017. Can 2016 expenses be reported next year as part of sale? for shrubber. May 14, 2020 7:13 PM
- Cheered Should a primary residence (that was later a rental property) that was sold be entered as a "sale of business property"? for kylel2005. May 14, 2020 6:59 PM
- Cheered Thanks for your prompt reply. After I add these two impro... for manbeing. May 14, 2020 1:12 PM
- Cheered No, you just report the total sale price for the home. for MinhT. May 14, 2020 1:12 PM