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.
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.
Transaction Bookkeeping Questions - We unpack the myriad forms of transactions – from personal banking and business expenditures, to complex financial trades – and explain their roles in shaping econo…