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Video instructions and help with filling out and completing Can Form 4797 Dont

Instructions and Help about Can Form 4797 Dont

Ilene, your own news 96:5. Go ahead. Yes, in the year 2000, I bought a house for $90,000. Right? I sold it this year for 87 thousand dollars, and it's a rental house. Can I claim a loss? You can only claim a loss if you match it up against a profit. So, for example, if you sold another piece of property and made a profit on it, you can deduct this loss against that profit. If you don't have any other profits, then there's nothing to do. Now, Aileen, remember this: when you have a rental property, typically, you are depreciating that on your taxes. So, even though you paid $90,000 forward, after you've depreciated it all these years, your basis may now be seventy thousand. And now, you're selling it for eighty seven thousand and paying capital gains, which is a seventeen thousand dollar profit. So, Eiling, be careful. You may be misunderstanding your tax liability on that. Thank you for calling. Music, you.