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Author: quasb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121316  
Subject: real estate gains Date: 8/29/2001 11:19 AM
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Can anyone point me in the right direction for this scenario I have.

1. Oct 97 bought Condo in Chicago for $152k
2. Jan 99 started renting condo out because I had to move from Illinois to Wisconsin for a new job.
3. Declared condo as a rental property for tax year 1999 and 2000
4. Declared $5k depreciation on 2000 tax return that I was not able to take.
5. Rental property ended August 31, 2001.
6. Selling Property for $285k minus closing costs in Nov 01.


How do I figure out how much if any taxes I will have to pay on this unit??????


Thank you,

Brett Quas
Quasb@yahoo.com
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53661 of 121316
Subject: Re: real estate gains Date: 8/29/2001 2:34 PM
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1. Oct 97 bought Condo in Chicago for $152k
2. Jan 99 started renting condo out because I had to move from Illinois to Wisconsin for a new job.
3. Declared condo as a rental property for tax year 1999 and 2000
4. Declared $5k depreciation on 2000 tax return that I was not able to take.
5. Rental property ended August 31, 2001.
6. Selling Property for $285k minus closing costs in Nov 01.


How do I figure out how much if any taxes I will have to pay on this unit?


Sensible: Hire someone.

Masochistic: Get Publications 523 and 527 and Form 4797 and its instructions.

Phil Marti
VITA Volunteer

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Author: pbpapa One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53665 of 121316
Subject: Re: real estate gains Date: 8/29/2001 3:37 PM
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If the condo was your main home from 10/97 through 1/99, you are entitled to a partial exclusion, probably enough to exclude the entire gain even if you are single. It is probably not correct that you were 'not allowed to take' the depreciation. Rather you probably fell under the passive loss limitaion. If so, you will get to take that loss (against ordinary income) when you sell. But, by all means, find yourself a qualified professional.

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