capital gains on selling rental property
How do I determine the cost of purchase for a rental home that we built? Do I use the figure that I have been reporting to IRS, or is it based on market value, or insurance value? I have receipts for all building costs. Also; I have three rental properties. Is there any repurcussions for selling all three in the same year?
Re: capital gains on selling rental property
This cannot be answered in a short answer in this lawguru forum. I am a tax attorney in Orlando and if you need additional information I suggest that you contact my Orlando office.
Regards,
acmoler
