The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Rental property loss?||Date: 2/11/2013 7:59 PM|
|Author: JAFO31||Number: 117736 of 124467|
geocarw: "Single family rental house owned for 20+ years and fully depreciated. Hailstorm last spring necessitated replacement of entire roof. Insurance covered all but $200 of costs (Roofer $5400-5200 Insurance Co). I have read and re-read Form 4684-Casualties and Thefts and Instructions. I'm at a loss on how to complete SECTION B—Part I Lines 20 on. My attempt using TaxACT:
Line 20-adjusted property basis... zero(0)"
Not a response to you question, but your post causes me to ask how does a SFH ever have a zero basis?
SFH sits on land, worth something (even 20+ years ago), and is not depreciated (as I understand the rules).
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