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. CorrectSo 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.PhilRule Your Retirement Home Fool
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