The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Rental Property||Date: 2/7/2000 1:17 AM|
|Author: hardy||Number: 27584 of 119651|
As a side note, it is very important that you closely track your depreciation deductions as this will affect your basis and the recognition of income at the time you sell your house.
I need to run several scenarios (sell my house in 6 months, 5 years, never, etc.) to figure out whether I should deduct depreciation from a "Mother-In-Law" basement apartment that I rent out.
How do I figure out the basis and recognition of income when I sell my house?
I read pub 527, but it didn't tell me anything about selling the house. It does turn out that the IRS owes ME this year if I do depreciate the rental unit.
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