Sale Of Home Cost Basis Income Tax Question

by Anne
(Boulder, CO USA)

Sale Of Home Cost Basis Income Tax Question

Sale Of Home Cost Basis Income Tax Question

I sold a home in 2010. My husband has been running a small business out of the home since 2003, and we've been depreciating the portion of the home attributed to the small business on our taxes since then.

How do I calculate the cost basis of the home, since we've been depreciating all these years? The business continues, it has not been shut down.

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Jan 20, 2024
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starstarstarstarstar 		Home Sale Taxes
by: BB

Calculating the cost basis of a home that has been used for a business involves considering various factors. To determine the adjusted cost basis, subtract the total depreciation claimed over the years from the original purchase price. This adjusted cost basis is used to calculate the capital gains when selling the home.

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Cost Basis of Gifted Foreign Stock

by Jon
(Scottsdale AZ)

In order to calculate (and report to IRS) the gain or loss on a recent sale of stock, I need to know the cost basis of the stock. I am a dual UK/US citizen (born in US to UK parents, but left USA at the age of 2) and was gifted this UK stock by my grandmother in UK in about 1990 when I was 4 years old, and I was living in Hong Kong. I grew up in Hong Kong (1988 - 1996) and eventually returned to USA in 1996.

I just sold some of this gifted stock and have no idea how to calculate the cost basis.

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Jan 20, 2024
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starstarstarstarstar 		Calculation Cost Basis For Gifted Stock
by: BB

Determining the cost basis for gifted stock can be complex, especially considering your international background. Generally, the cost basis for gifted stock is the donor's original cost. However, in your case, it's essential to consult a tax professional who can consider international tax laws, currency exchange rates, and any applicable treaties between the countries involved.

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