A question about the tax basis when selling & buying a house...?

We plan to sell a FL house for $500K (cost $175K in '98) and buy a TX house for $300K. We used one room of the FL house as a business office, declaring rent received from the business and maintenance costs each year. How will this affect our basis when we sell and buy our home?

If you used any part of your home for business, you must adjust it by any depreciation allowance you may have been able to take, EVEN IF YOU DID NOT TAKE IT.

For information on computing the depreciation see Pub. 551. To determine this, you'll need to know the % of your house that was used for business, the cost of purchase, cost of any improvements made before starting the business.

I just wanted to take the time to let you know I appreciated your highly uneducated answer to one of my previous questions. I can't believe someone like you has a home that is worth so much. You must have acquired it through an inheritance. You didn't answer my question you simply responded in an incredibly rude manner. I hope many people read this and discover your true nature.

Tags

　　Meeting Room 　　Meeting Space 　　Conference Room 　　Offices to Lease 　　Rent Offices 　　Business Centers 　　Service Offices 　　Branch Offices 　　Temporary Offices 　　Shared Offices 　　Commercial Space

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