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Sorry it's x 13/28.
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So, it really doen't matter it was rented out for 28 year. No recaptual is necessary. just the exclusion amount ((2000,000-100,000)x 28/13=46000 are taxable as ...
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To simply it.Client had a rental property, he paid for 100,000, 15000 for land; 85000 for house. After more than 28 year, the house all depreciated out. He conv...
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Let say dad had a rental property he purchase for 80000. After years of depreciation, the basis of the house is 0. Dad died, son inherented this property with F...
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Is the benefits for the student worth more than 500. Parents loss $500 on child tax credit.