Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-21-2015, 07:43 PM
Junior Member
 
Join Date: Oct 2015
Posts: 1
Determine my capital gains

I purchased a rental home ($150k) 10 years ago, since then the value hasn't went up in the area (140k). I've depreciated the repairs and improvements every year and have taken a loss (taxes,ins,improvements - minus income). will i have capitol gains? if so how are they figured? are these numbers on my tax returns? Any guidance would be appreciated.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-22-2015, 12:59 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by Timbo View Post



#1;I purchased a rental home ($150k) 10 years ago, since then the value hasn't went up in the area (140k). I've depreciated the repairs and improvements every year and have taken a loss (taxes,ins,improvements - minus income). will i have capitol gains?



#2; if so how are they figured? are these numbers on my tax returns? Any guidance would be appreciated.
#1;No; and you do not have to recapture the sec 1250 depreciation taken previously. In general, when you sell your rental property, your profits are subject to capital gains tax since you don't get the same exclusions that you do on your personal residence. However, as you took a loss on the sale of the pty , you do not have any taxable capital gain from the sale.

#2; Correct; basically, to find your gain or loss, you neeed to subtract your adjusted basis from your selling price. If the number is positive, you have a gain that will be taxable. since it's negative, selling price< adjusted basis of the rental pty, you have a loss that you can use to offset other taxable gains. On 1040; your loss is reported on 1040 line You do no t have to file Sch D of 1040 as you took a loss and do not need to recapture sec 1250 depreciation expense



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Capital gains Henny4 Capital Gains 5 04-18-2015 04:49 PM
Capital Gains. I think. Joshua Capital Gains 1 02-21-2015 01:32 AM
Foreign Capital Gains Tax Concerned Capital Gains 0 02-15-2014 12:57 PM
What is the treatment for Capital Gains and Capital Losses in a C-Corporation? katlee C-Corporation 1 02-01-2009 05:23 PM
Capital Gains kmk21248 Capital Gains 2 05-01-2008 02:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning