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
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