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Old 06-16-2015, 02:05 PM
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this should be simple..

bought house in 1989 for 101500
lived in it until june 2010
started renting, june 2010
stopped renting august 2012
sold december 31 2012
claimed depreciation the whole time, filed sched e, etc
now i finally need to file 2012 taxes, late

i think i am entitled to escape gain on the house sale, since i lived in it for 21 years before selling

and i know i am supposed to claim depreciation as income somewhere
but do i have to fill out form 4797?

i already have to do sched D for other cap gains

but the 4797 is killing me

it seems like it is not letting me escape the gain on the house sale

do i have to pretend like i sold it to myself when i started renting, then sold it from the rental business?

seems like this should be easier...


?
wle



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Old 06-16-2015, 02:28 PM
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Quote:
Originally Posted by wle30340 View Post
bought house in 1989 for 101500
lived in it until june 2010
started renting, june 2010
stopped renting august 2012
sold december 31 2012
claimed depreciation the whole time, filed sched e, etc
now i finally need to file 2012 taxes, late
e
forgot
sold for 150K in dec 2012
so there was a gain somewhere
depreciation claimed was about 25k [also used incorrect basis, inadvertently..]

wle



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Old 06-16-2015, 02:30 PM
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Join Date: Jun 2015
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Quote:
Originally Posted by wle30340 View Post
bought house in 1989 for 101500
lived in it until june 2010
started renting, june 2010
stopped renting august 2012
sold december 31 2012
claimed depreciation the whole time, filed sched e, etc
now i finally need to file 2012 taxes, late
forgot
sale price was 150k
so there was a gain
depreciation total claimed was about 25k

wle



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Old 06-16-2015, 02:31 PM
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other data

forgot
sale price was 150k
depreciation total claimed was 25k
wle



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