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Sched D help

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unitdelta

Junior Member
What is the name of your state?Florida
Howdy,

I'm selling a piece of rental property which I bought as a residence and used until 1991. I then placed it in servce assigning it a nominal value taking in to consideration property values at the time. For several years until it was phased out due to income, I depreciated it. Not much. Then, for about the past eight years, I did not. I understand I have to pay ordinary income tax rates on the depreciated portion but finding the adjusted cost basis could prove difficult. Even though I do not file until Jan, 2006, so to speak, can I consult an accountant after April 15 of this year to calculate my tax for estimated tax purposes. Thanks,

delta
 


Snipes5

Senior Member
The adjusted cost basis is the amount you paid for it, minus the depreciation you took (if you can PROVE that you did not take depreciation for the last 8 years, you won't have to recapture the "allowed or allowable", only the actual depreciation taken).

Yes, you can see a tax pro to estimate the taxes for you.

Snipes
 

unitdelta

Junior Member
Sched D

Oh, yeah, forgot to mention that I have quite a bit of accumulated rental activity carryover losses which I assume offset my depreciation recapture and even add to my adjusted cost basis, correct?

thanks. :)
 

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