Acrs

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  • DTS
    Senior Member
    • Jun 2005
    • 1852
    #1

    Acrs

    My Mother is thinking about selling a rental condo she owns in San Diego. This property was purchased in 1977, which would be ACRS.

    It's my understanding there will be no recapture of depreciation under ACRS. Is this correct?

    Thanks,
    Dennis
    Tags: None
    • jainen
      Banned
      • Jul 2005
      • 2215
      #2
      Acrs

      ACRS didn't start until 1981. Prior to that there were other rules and choices. It was not common to assign a life of more than 20 years, so her adjusted basis is probably zero at this time.

        Comment

        • Unregistered
          #3
          What about basis in the land?

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            • jainen
              Banned
              • Jul 2005
              • 2215
              #4
              Good point

              >>basis in the land<<

              Good point. Add a hundred bucks or so for the 1977 value of land best suited for condos.

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