T776 CCA recapture - If I purchased rental property with wife for $50k and sold for $100k, with closing costs of $40k, what goes under Proceeds of Building Dispositions?
I originally did CCA of 70% building and %30 land.
T776 CCA recapture - If I purchased rental property with wife for $50k and sold for $100k, with closing costs of $40k, what goes under Proceeds of Building Dispositions?
The proceeds of disposition is
usually the amount you received or will receive for your property. In most
cases, it refers to the sale price of the property. When you trade in a
property to buy a new one, your proceeds of disposition is the amount you
receive for the trade-in.
T776 CCA recapture - If I purchased rental property with wife for $50k and sold for $100k, with closing costs of $40k, what goes under Proceeds of Building Dispositions?
So in this case proceeds is 60k?
Proceeds (what you received) = sold for 100k minus closing costs of 40k = 60K . Is this the amount (60K) you used in the proceeds?
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