What figures are needed? My Dad just sold his business property last year for $42,000 which consisted of 4.5 acres and buildings which were valued by the county at $42,000 which land was valued at $38,000 and buildings at $5,000. My Dad retired about 10 years ago and the property has been vacant.
Please bear with me because this is where it gets tough. My Dad is 87 and forgetful. I am trying to complete his taxes and need information which he does not have or remember. He bought the property in about 1965 for $3220 (I think) but put it in service in 1968 for his business. I am not sure how much he depreciated and/or if I have to recapture the depreciation - it cannot be much considering the $3220 cost? He knows he owes tax and is willing to pay so on a worst case basis what information should I enter to finish his taxes without being dishonest - in other words to pay the maximum tax? Any help will be appreciated. Thank you. |