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I would like help in figuring out my capital gain on a rental property I sold - i had the house for 25 years - the house cost $49,000 when I bought it - for depreciation, I used $26,000 as the value of the house w/o the land - so, I used $26,000 as my depreciation basis. I have used up all of this in the last 25 years and have not had any depreciation when I report my rental income. Now, my question is, when the tax form asks for the cost basis of the house, do I put $26,000 or $49,000??? When preparing my tax return, Turbo Tax keeps giving me a depreciation of (49,000-26,000) $23,000. Doesn't sound right to me. It will be nice to have that amount - will give me a refund if I do it that way - but it doesn't sound right to me???? Please help.
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