E
Extortion
Guest
What is the name of your state? SC
I sold a property that was 1/3 residential and 2/3 rental in 2002. In reviewing Pub 523 I see, in their example of calculation of selling in the Business Use or Rental of Home, where they refer to exclusion and taxable gain where they have a line item "Depreciation after May 6, 1997."
Did something happen to change the tax law regarding handling depreciation at that time?
Does that mean I would only have to list the depreciation I have taken since May 6, 1997 (or was allowable) in my calculations to determine gain on the business portion of the sale?
I have had part of my house in rental since 1989.
Thank you for your assistance.
I sold a property that was 1/3 residential and 2/3 rental in 2002. In reviewing Pub 523 I see, in their example of calculation of selling in the Business Use or Rental of Home, where they refer to exclusion and taxable gain where they have a line item "Depreciation after May 6, 1997."
Did something happen to change the tax law regarding handling depreciation at that time?
Does that mean I would only have to list the depreciation I have taken since May 6, 1997 (or was allowable) in my calculations to determine gain on the business portion of the sale?
I have had part of my house in rental since 1989.
Thank you for your assistance.