Legal Question in Tax Law in Florida

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?


Asked on 5/14/09, 10:55 am

1 Answer from Attorneys
Andrew Moler Law Offices of Andrew C. Moler, P.A.

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

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Answered on 5/20/09, 9:26 am


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