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Mom Did The Returns |
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Hi Edith Lank, I need some help. I am figuring my income taxes for 2005. In November I sold my rental house that I bought back in 1977. How do I find out what has been depreciated all those years? My Mom has done the taxes for at least eight years, but how do I find out what else was figured? Do I just assume that many things have been fully depreciated? For every single capital improvement does each item get added to the purchase price in order to figure the adjusted basis? I had extensive remodeling in 2005. How do I capture these expenses? Were there any limits? Because I won't be able to recapture in depreciation now that it is sold. Would the total amount of expenses be added to the purchase price to make a final adjusted basis? All the literature that I have been reading from the IRS has me confused |
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That’s pretty obvious.
As a real estate investor, you should have had professional help with your tax returns all along. Don't try to do the job yourself now. Hire a CPA or enrolled agent, and if possible take along copies of those past returns that Mom did.
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Edith
Originally published on April 6, 2006 |
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