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    • Created with Sketch. The 9/15 deadline is quickly approaching! Check out our Hot Topics ProSeries | Lacerte | ProConnect
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    sale of rental property

    joepkane
    Level 1
    ‎09-26-2022 10:53 AM

    My client sold a rental property he has owned and depreciated since 2008.  My question is, do I have to reduce the cost basis by the depreciation he has taken on the unit and improvements for the last 11 years?  I believe he does but I am trying to find out if there are any deferrals of gain that are available to him.  I assume the gain on the sale is all ordinary income.  I believe I need to complete form 4797. Is this correct?

    Thank you for your help?

    Joe Kane

    0 Cheers

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    5 Comments 5
    sjrcpa
    Level 15
    ‎09-26-2022 11:09 AM

    This is a public forum. REMOVE YOUR PHONE NUMBER!


    The more I know the more I don’t know.
    TaxGuyBill
    Level 15
    ‎09-26-2022 11:27 AM

    What software are you using?

    The program should handle all of the taxation of the sale.  Unless the rental was sold in a 1031 Exchange, there is no deferring of any of the gain.

    abctax55
    Level 15
    ‎09-26-2022 03:17 PM

    "....I assume the gain on the sale is all ordinary income. "

    Wrong assumption.

    HumanKind... Be Both
    IRonMaN
    Level 15
    ‎09-26-2022 04:09 PM

    But the 4797 is a good start.😁


    Slava Ukraini!
    BobKamman
    Level 15
    ‎09-26-2022 04:31 PM


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