V
vetat
Guest
What is the name of your state? PA
I recently sold a commercial building for $50,000. I purchased the building for $100,000 20 years ago and I depreciated $90,000 over the 20 years. Would I be able to show a loss in PA? I ask this because the applicable line on the PA tax form simply states, "Net Gain or (Loss) from the Sale, Exchange, or Disposition of Property." On the surface it appears like a net loss.
Thank you in advance for your time and consideration.
I recently sold a commercial building for $50,000. I purchased the building for $100,000 20 years ago and I depreciated $90,000 over the 20 years. Would I be able to show a loss in PA? I ask this because the applicable line on the PA tax form simply states, "Net Gain or (Loss) from the Sale, Exchange, or Disposition of Property." On the surface it appears like a net loss.
Thank you in advance for your time and consideration.