Total sale 165,000
Original condo 48,000 Original land 17,000 Total $ 65,000
sold:
Sold 165,000 == Mkt Condo 106,000 land Mkt value Condo 106000, land 47,000 added furniture in sale 12,000 cost sold for 900.
Guidance or suggestions? thanks
I will handle the other side of transaction - I suggest you include the selling price in the proper place. But then again, exactly what type of guidance or suggestions were you looking for?
Business land? Most condos that are described as "business" have allowed or allowable depreciation-- either rented out or used as office space, etc in a trade or profession.
I see no reference to depreciation...so do you mean "investment"...meaning it was never uses as a rental or business...just held for resale?
It makes a big difference in giving you the correct answer.
Also...fix the second to the last paragraph so it is clearer.
Thank you for a professional response rather than rude and unsophisticated banter. I realize my question was not correctly reviewed:
Total sale June 2010 for 165,000 composed of 900 for sale of furniture balance for land and condo. It was placed into service in Jan 1996.
Furniture basis is 12,000 purchased and placed into service Jan 1 2007.
,Original purchase of 65,000 has been depreciated since 101/01/1996. Prior to that it was their personal home.(Bot in 1989 as primary, converted in 96.) thank you for any information you can share.
"rude and unsophisticated banter" ------ "I realize my question was not correctly reviewed" ------------- I didn't realize there was a question buried in the unsophisticated banter that you posted. Answers here are only as good as the information provided.
You have two sales:
Furniture sale price $900.00
Less cost 12000.00
Minus deprec xxx.00 - xxx.00
(Loss)
Condo and land 164100.00
Less cost 65000.00
Minus deprec xxxx.00 -xxxxx.00
(Gain)
these are reported on Form 4797
Report on Form4797. Allocate the sale price between land and condo. Add cost of sale to basis and subtract depreciation. Same for the furniture. Gain will flow to schedule D
