Tax Law (Questions About Taxes)/Rental property


Had a rental property that use to be my primary home.  I lived in home from 1997-2010(got married). started renting home in January 2011. The renter moved out in June 2013 and trashed the place.  I decided to sell the property and put on the market.  Sold house and closed on December 17, 2013.  Want to know how to report this all on my tax return for 2013.   the property sold for less than 130,000. I know I have more money in property than I sold it for(remodeling, addition).

Form 4797.  (Sale of biz property)

Amount received less amount if basis. (The lower !!!    Of what you have into the property "basis" less depreciation.   Or or or fair market basis when you converted from personal to rental (lower of, I did mention?)

Document it !  

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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