Comments for General Finances http://generalfinances.com Top Personal Finance Blogs Sat, 16 Jul 2011 20:18:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Deductible Losses on a Rental Home by paul1228williams http://generalfinances.com/deductible-losses-on-a-rental-home/comment-page-1/#comment-1149 paul1228williams Sat, 16 Jul 2011 20:18:36 +0000 http://generalfinances.com/?p=519#comment-1149 Transfer sale my residential rental which was optained in 10/2000 for $15,900 plus closing costs of $453 thus an adjusted basis total of $16,353. Placed the unit in rental on 3/2000 to 5/31/2011 (when unit was transferred to a hotel and the sales price was $0.00). Paid a broker $1,500 to make the transfer sale. Thus my overall loss would be $16,353. My depreciation costs during the rental period total aprroximately $6,343.00. My question is do I add or subtract the depreciation costs from the $16,353 amount. And the remaining total then can be claimed on Form 4797 as a oridinary loss and reported on line 14 of form 1040. On what lines of form 4797 do I report these figures to show my residential rental loss? Any advise would be greatly appreciated. Thank you for your assistance and cooperation in this matter. Respectively, Paul Williams Transfer sale my residential rental which was optained in 10/2000 for $15,900 plus closing costs of $453 thus an adjusted basis total of $16,353. Placed the unit in rental on 3/2000 to 5/31/2011 (when unit was transferred to a hotel and the sales price was $0.00). Paid a broker $1,500 to make the transfer sale. Thus my overall loss would be $16,353. My depreciation costs during the rental period total aprroximately $6,343.00.

My question is do I add or subtract the depreciation costs from the $16,353 amount. And the remaining total then can be claimed on Form 4797 as a oridinary loss and reported on line 14 of form 1040.

On what lines of form 4797 do I report these figures to show my residential rental loss?

Any advise would be greatly appreciated.

Thank you for your assistance and cooperation in this matter.

Respectively,

Paul Williams

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