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Old 04-01-2015, 08:41 AM
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Basis for Sale

We have a vacation home, bought in 2003 and converted to rental in 2013 when we couldn't sell it. 2003 Purchase price plus improvements is 152,748 at conversion to rental FMV is 105,000. We used the 105,00 less land for Depreciation. Now we have sold it for 115,000. Pub 551 says the basis for a loss is the lesser of adjusted basis or FMV. If I use FMV I have a gain. I get that I can't deduct a personal loss but it doesn't seem right that I should have a gain when my actual economic loss so great.



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