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02-15-2009, 06:01 PM #1
Renter
- Join Date
- Feb 2009
- Posts
- 1
Selling part of a home; few questions
first off, here's my situation.
1. I converted a property from my principal residence to a rental property in '07. At that point, the fair market value had dropped about $30,000 from my purchase price.
QUESTION 1: Does that mean I can recognize the 30k drop as a capital loss?
QUESTION 2: What can I depreciate? (building, washer, dryer, ac, stove, condo fees?)
2. I'd like to sell of a portion of the property, let's say half.
QUESTION 3: If I do so, then will I be able to continue to depreciate my half of the property?
QUESTION 4: For the buyer of the other half of the property, will they qualify as a first time home buyer and be able to realize the $8,000 tax credit?
Thanks in advance!
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02-16-2009, 05:10 PM #2
Condominium
- Join Date
- Jan 2008
- Location
- Orcutt, CA on the Central Coast
- Posts
- 116
1. The loss will only count when you sell the property, I think.
2. All but condo fees they are a write off.
3. Yes your half only
4. I don't think so as they would be buying 1/2 of a investment property.
Check with your tax to make sure of these answers.
donrockTo get a wealth of real estate information visit my blog at Real Estate Blog. If you need information about foreclosures or short sales and how to make money with them pick up a free report at Foreclosure Report.
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