Re:Basis in property (1 viewing) (1) Guest
Favoured: 0
|
|
|
TOPIC: Re:Basis in property
|
Brian (User)
Senior Boarder
Posts: 65
|
|
Basis in property 1 Year, 8 Months ago
|
Karma: 1
|
|
I am trying to calculate the potential gain on the sale of my rental property. I know the original cost, the depreciation taken, etc. What else is included in the adjusted basis?
|
|
|
|
|
|
|
|
steve (Moderator)
Moderator
Posts: 151
|
|
Re:Basis in property 1 Year, 8 Months ago
|
Karma: 3
|
|
Selling expenses such as real estate sales commission, advertising and attorney fees can be added to you original cost basis for determining capital gain/loss.
In addition, capital improvements such as a new roof, driveway or complete replacement to the physicial structure (rather than just a repair) can also be added to basis.
If you started with vacant land, then costs such as engineering fees, survey fees, and demolition of a prior structure are costs which are added to the original land basis.
I would spreadsheet all capitalized costs, prior depreciation and then report on the tax return.
Good luck.
|
|
|
|
|
|
|
|
|
|
|
LegalNut Resources
Attorney jobs listings and sites with attorney
salary information, attorney job search functions, and salaries by law firm.
Law school rankings show how competitive your lsat scores would be at top law
schools in the US.
Law school admissions
advice is available both at the LSAT forum and
throughout the pre-law section, including LSAT prep options, law
school personal statement help, LSAT
score distributions and law school bar exam pass rates.