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#2
02-15-2004, 05:39 AM
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 Re: Sold Rental Property, Schedule D Question "Chris" <redhed4[at]NINERworldnet.att.net> wrote: - quote - > Hi I recently sold a rental property which was my principle
Such costs would be included in the basis of the house. Just> residence some ten years ago. I have attached a scedule D > and a form 4797 to report this item. I am concerned that > there is not a place to record the cost of improvements and > some closing cost which do not show up on my HUD closing > sheet. I am ok with this but it makes me think that I might > need a different form. When I was renting it there was > opportunities to itemize these expenditures. Thanks in > advance for any advice you can give me. add them to the cost of the house. Mike Lewis, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-15-2004, 05:20 AM
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| Re: Sold Rental Property, Schedule D Question Chris wrote: - quote - > Hi I recently sold a rental property which was my principle
Simply add these to the cost basis of the property before> residence some ten years ago. I have attached a scedule D > and a form 4797 to report this item. I am concerned that > there is not a place to record the cost of improvements and > some closing cost which do not show up on my HUD closing > sheet. I am ok with this but it makes me think that I might > need a different form. When I was renting it there was > opportunities to itemize these expenditures. Thanks in > advance for any advice you can give me. completing part III of 4797. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-15-2004, 04:03 AM
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| Re: Sold Rental Property, Schedule D Question "Chris" <redhed4[at]NINERworldnet.att.net> wrote: - quote - > Hi I recently sold a rental property which was my principle
You add the cost of your major improvements to the cost> residence some ten years ago. I have attached a scedule D > and a form 4797 to report this item. I am concerned that > there is not a place to record the cost of improvements and > some closing cost which do not show up on my HUD closing > sheet. I am ok with this but it makes me think that I might > need a different form. When I was renting it there was > opportunities to itemize these expenditures. Thanks in > advance for any advice you can give me. basis of the property. This is where it is reported. Example: purchase property $50,000 add another bedroom and bath, $20,000. Now your purchase price is $70,000 not $50,000. Missy << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-13-2004, 03:22 AM
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| Sold Rental Property, Schedule D Question Hi I recently sold a rental property which was my principle residence some ten years ago. I have attached a scedule D and a form 4797 to report this item. I am concerned that there is not a place to record the cost of improvements and some closing cost which do not show up on my HUD closing sheet. I am ok with this but it makes me think that I might need a different form. When I was renting it there was opportunities to itemize these expenditures. Thanks in advance for any advice you can give me. Chris << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| property, question, rental, schedule, sold |
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