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Updated over 5 years ago on .

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3
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Rose Parc
  • Real Estate Professional
  • Point Pleasant Beach, NJ
0
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3
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LLC rental property sold

Rose Parc
  • Real Estate Professional
  • Point Pleasant Beach, NJ
Posted

Hi, just sold my rental property held in an llc. 

1) 1099S will be reported on 1065, but how do I increase the cost basis of the house with the improvements made? i.e. new outside hand rails? What if those improvements were made before it turned into a rental property?

2) Recapture depreciation - assuming that means I have to add back to my cost all the depreciation claimed during the rental years?

3) Are there any other places that I have to claim my sale? Schedule D or form 4797?

Thank you!