All Forum Posts by: Brian Bellanca

Wow! Thanks guys - definitely time to get a better accountant.

@Ashish Acharya @Joshua Jarrett - Thank you for the input all, here is the reference my tax guy sent over... is this inaccurate? 

https://scholarworks.sjsu.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1029&context=contemp_tax

Thank you for the quick reply @Ashish Acharya, unfortunately as the property was converted from a primary residence to a rental property a % of the gains is subject to tax. Between this and the depreciation recapture, this tax season is turning into an expensive lesson for me.

Hi All,

I have a rental property that I sold in 2018. I lived in the property for approximately 2 years, rented it approximately 1. My question is related to my adjusted basis on the home as this directly affects my reported gains. For the years that I rented the property - can I use property tax and mortgage interest as increases to basis or am I limited to only repairs / direct costs associated to updating and maintaining the property?