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Updated almost 8 years ago,
Converting private residence to rental property
I'm having a difficult time calculating tax gain/loss from a property sale and was wondering if someone could help me with calculations.
Purchased Home in 2005 for $145500
Converted personal home to a rental property in 2008. Fair market value was $225,000 at time of conversion.
Claimed depreciation on taxes from 2008-2016. Total depreciation claimed $38,000.
Sold property in 2016 for $187,000.
I didn't include home improvements and other costs that adjust to basis for simplicity.