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#2
10-25-2003, 10:13 PM
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 Re: 1031 Cost Basis vannordens wrote: - quote - > "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
OK.> > vannordens wrote: > > > I have calculated the cost basis of a property I sold. It > > > consists of the land and the undepreciated part of > > > improvements made to the property up until the day the > > > property went off rent. I have abtained a replacement rental > > > property. > > Property you sold? Then you didn't participate in an exchange..... > > > I made a number of improvements after the renters left - > > > siding, windows etc, in order to sell the house. Do I > > > include these improvements in the cost basis used in the > > > calculation of any gain on the transaction? What about fix > > > up expenses like painting? Do fixup expenses go into the > > > cost basis of the property sold? > Sorry, I exchanged the property via an qualified intermediary. If it's a pure exchange, then what gain is there? (There isn't any). The expenses you mention are either capitalized or expensed as a rental expense. The basis of the property given up carries to the property received. Your questions make me think that you didn't actually participate in a qualified third-party (or accomodator) exchange. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-24-2003, 06:49 AM
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| Re: 1031 Cost Basis "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote: - quote - > vannordens wrote:
Sorry, I exchanged the property via an qualified intermediary.> > I have calculated the cost basis of a property I sold. It > > consists of the land and the undepreciated part of > > improvements made to the property up until the day the > > property went off rent. I have abtained a replacement rental > > property. > Property you sold? Then you didn't participate in an exchange..... > > I made a number of improvements after the renters left - > > siding, windows etc, in order to sell the house. Do I > > include these improvements in the cost basis used in the > > calculation of any gain on the transaction? What about fix > > up expenses like painting? Do fixup expenses go into the > > cost basis of the property sold? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-22-2003, 03:37 AM
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| Re: 1031 Cost Basis vannordens wrote: - quote - > I have calculated the cost basis of a property I sold. It
Property you sold? Then you didn't participate in an exchange.....> consists of the land and the undepreciated part of > improvements made to the property up until the day the > property went off rent. I have abtained a replacement rental > property. - quote - > I made a number of improvements after the renters left -
<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
> siding, windows etc, in order to sell the house. Do I > include these improvements in the cost basis used in the > calculation of any gain on the transaction? What about fix > up expenses like painting? Do fixup expenses go into the > cost basis of the property sold? |
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#-1
10-18-2003, 03:08 AM
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| 1031 Cost Basis I have calculated the cost basis of a property I sold. It consists of the land and the undepreciated part of improvements made to the property up until the day the property went off rent. I have abtained a replacement rental property. I made a number of improvements after the renters left - siding, windows etc, in order to sell the house. Do I include these improvements in the cost basis used in the calculation of any gain on the transaction? What about fix up expenses like painting? Do fixup expenses go into the cost basis of the property sold? Thanks Steve << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1031, basis, cost |
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