sjrcpa
Level 15
06-14-2023
09:38 AM
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First, you need the sale price allocation. How much was paid for the equipment?
The portion of the sale allocated to the personal residence should qualify the 121 250K/500K exclusion. Gain to the extent of depreciation is taxable.
The gain on the sale of the probably fully depreciated equipment is taxable.
The more I know the more I don’t know.