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Financial Planning / Tax Strategies
|Subject: Re: Need All Experts - Part II||Date: 5/28/2013 6:19 PM|
|Author: ptheland||Number: 118631 of 121256|
Let's start by checking these dates:
On February 22, 2013, I received my house back ...
In August of 2012, I had an attorney file eviction proceedings ...
I received the house back in November, 2012
I suspect one of them has a wrong year.
Next, how about some back story? How did you get to the point where you needed to obtain a Deed in Lieu of Foreclosure?
You're going to need to determine your current basis in the property. My guess is that's going to involve dealing with the Deed in Lieu and what happened in years before 2012. You'll start by determining your basis immediately after receiving the Deed in Lieu.
Since you never really held the house out for rent, I'm pretty sure most (or perhaps all) of your repair expenses will add to the basis in your property. Add those repairs to the basis immediately after the Deed in Lieu, and you'll have your basis to figure the gain or loss on your upcoming sale.
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