The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Loss on rental house||Date: 11/24/2012 10:43 PM|
|Author: TMFPMarti||Number: 116965 of 121182|
I think I know what you are saying and will have to re-look at it. In essence, what you seem to be saying is that from 1999 to May 2010, any reduction in value due to the real estate market is NOT deductible because it wasn't a rental for those years.
So I take the FMV in May 2010, add improvements, subtract sales price and that will give me my gain/loss. Do I have that right?
You're getting closer. May 2010 FMV plus any improvement after that date, minus depreciation allowed or allowable is the basis part. You do get to consider the expenses of sale (commission, recording fees, etc.) in determining the net sales price.
Rule Your Retirement Home Fool
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|