The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Rental Property||Date: 1/23/2000 8:32 PM|
|Author: mt2climb||Number: 25841 of 125189|
<You would only use the FMV as your taxable basis in this situation where the FMV was LESS THAN your adjusted cost basis.
As a side note, it is very important that you closely track your depreciation...>
Thanks again. I think I am all set on this now. I didn't compute any of this the first year I rented out a room or two, and am trying now to play catch-up, AND make sure I get it right! Turns out my guestimate of fmv and my no-kidding adjusted basis of the property minus land are within 50 bucks of each other.
Having the boards to poke around in has definitely helped my read of the actual IRS Pubs.
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