When a residential property has been rented for ten years and the property is converted back to the owner's private residence, what is the tax treatment of straight line depreciation taken over the ten years rental? No improvements were made during the rental period.
Is the transfer treated as a sale? (There is no change in ownership so no deed is involved.)
If it is a sale, how is the selling price established ? (The purchase cost, the depreciated price or the current market value, etc., etc?)
What federal form is all of this reported on?
2007-03-22
16:32:08
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2 answers
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asked by
Latigo
3
in
United States