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Buying or Selling a Home/Basis of sale of condo
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Question
We have a condo that we only visit a couple of weeks a year and it is rented seasonaly. We refinanced and took a line of credit a year ago. When selling this condo how do we figure the basis?
Thank you!
It is considered income property and therefore you should have been taking depreciation each year during the time you have owned it. Even if you did not take any depreciation on your income tax, the IRS will impute it in your return.
Your basis goes down with each year of depreciation. I suggest you consult with your favorite tax expert, CPA or tax attorney to make sure it is done right.
I do wish you well.
Dick Dennis dixiedee13@aol.com
www.OldProblemSolver.com
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
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- Marvin G. Bobbitt, III
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- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
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- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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