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Selling price - 119,000 Closing costs - 14,171 of which 4,882 is for roll-back taxes and 298 is real estate taxes, deed prep - 150, notary fees - 10, commissions - 7140, attorney fees - 500, transfer tax - 1190
How do I allocate an asset attached (sidewalk) to rental property sold that is not fully depreciated? Basis - 1616, prior deprecitation - 189, current yr depreciation - 22.
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Yes for "deed prep - 150, notary fees - 10, commissions - 7140, attorney fees - 500, transfer tax - 1190
No for "298 is real estate taxes"
What are " roll-back taxes "?
Add the cost and accumulated depreciation of the sidewalk to teh building's cost and depreciation. I gather that ProSeries does not have a Bulk disposition feature?
The more I know the more I don’t know.
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Rollback taxes are real estate taxes because the property was in the "clean and green" program. They had to take it out of that program to sell the property. The seller had to pay these taxes, The $298 real estate taxes, I would assume could be deducted as an expense on Schedule E.