Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Shall I assume that since you mentioned deductions, you meant that your taxable income is $38,000, not that your adjusted gross income is $38,000?

Do you file single, married filing joint, etc.?

From what you said, the condo was placed in service in about 1985. I guess then you were using 15-year ACR rules? If you have really fully depreciated the condo to zero, then the entire sales price will be taxable...

If you clarify these issue I am sure you will get a more specific response.

Mike Lynch
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.