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Old 02-21-2014, 02:35 AM
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How do I fill out Tax form 4797 after sale of a rental property?

Hello all,

I am trying to figure out how to fill out form 4797 for the tax year 2013. The duplex was purchased in 2007 for $240,000 and sold in 2013 for $251,900. It was used as a rental property the entire time and was never owner occupied. Here are the facts............

- Purchased in 2007 for $240,000 (Land: 50,000 Building: 190,000)

- Sold in 2013 for $251,900

- Fees associated with sale of the property: $13,500

- Depreciation over the 6+ years: ~$34,000

- No improvements were made to the property during this time

For line 20 (of form 4797) I put 251,000. I assume this is correct.

My questions is what do I put for line 21. Do I put the original cost of the building and land plus the fee's associated with the sale? Or is it just the building value (at time of purchase, plus associated fees).

Where I am confused is that I am not sure whether to count this as 1 sale (building and the land combined) or 2 separate sales (building and land), and how this relates to "Part I" of form 4797.

Any help would be greatly appreciated! Thanks!

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