Level 15
12-08-2022
08:54 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The new tax law on selling section 1245 property has nothing to do with buying another 1245 property. The entire amount of depreciation claimed on section 1245 property, including bonus depreciation and the section 179 expense allowance, is recaptured as ordinary income to the extent of gain.