rlwilson312
Jun 19, 2012, 10:25 AM
I purchased a duplex about 7 years ago and I'm considering selling, but I have some questions first.
When I made the purchase I remember my cpa asking if I planned on keeping the property for 10 years, something to do with how he was going to depreciate it on taxes. I answered yes, because at the time I thought I was going to keep it that long. Now that I haven't, what are the implications if:
1. I sell the property for no gain (I'm considering selling it to a family member for the same 119,000 that I paid for it).
2. I sell the property for a gain (just say 130,000 for instance).
And yes... I still use the same CPA and I will be consulting that person before actually making any transactions. I'm just in the preliminary stages of thinking about selling and I'm not ready to pay for his services until I need them. Any education I could get here for the bargain price would be greatly appreciated
When I made the purchase I remember my cpa asking if I planned on keeping the property for 10 years, something to do with how he was going to depreciate it on taxes. I answered yes, because at the time I thought I was going to keep it that long. Now that I haven't, what are the implications if:
1. I sell the property for no gain (I'm considering selling it to a family member for the same 119,000 that I paid for it).
2. I sell the property for a gain (just say 130,000 for instance).
And yes... I still use the same CPA and I will be consulting that person before actually making any transactions. I'm just in the preliminary stages of thinking about selling and I'm not ready to pay for his services until I need them. Any education I could get here for the bargain price would be greatly appreciated