vegg
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I will contact a tax professional and go from there. What seemed so simple obviously is not. Thank you for your assistance.
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I am not worried with how I handled the improvements or improvements that were depreciated separately.My posting was trying to clarify how to handle the 50% buy...
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With the exception of two improvements that were depreciated all other improvements were taken as expenses during the year they were purchased.
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I have not depreciated anything other than the full original $47,454 that was based on the original purchase in 1979. At the time I bought out the 50% held by m...
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No I only depreciated the entire original 47454.
Activity Feed for vegg
- Got Cheered for Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023. March 19, 2024 5:46 PM
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 18, 2024 6:00 PM
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 17, 2024 5:23 PM
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 17, 2024 3:47 PM
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 17, 2024 3:44 PM
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 17, 2024 3:31 PM
- Posted Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. March 17, 2024 1:45 PM