wrote in message
And don't forget that OP should have been depreciating the place for
the last 12 years, which also reduces any tax loss he may have.
As it happened we had an offer for the place @305,000 but decided to turn it
into a rental. Broker was pissed. Had to go to court to appease him, etc.
So is my loss 305K-165K=$140K-depreciation? If so, how is depreciation
computed? Or was? Do I need my tax records for all of those years back to
2002? And let; say at the end of the day I have a loss of $50,000, do I get
to deduct this 100 percent off earned income or anything else? Limits?
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Are you certain you have a loss? You should have been taking depreciation
since 2002. If you didn't, you have to account for what you should have
taken. There's also consideration for any suspended passive loss which is
an issue you didn't raise.
Since you have a professional on the job already, if he's any good, he
should know all this already.