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This discussion has been locked. No new contributions can be made. You may start a new discussion here
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huh?
Has the condo SOLD for that $ 128,670?
And I 'm not familiar with this *recapture value* thingy you are referring to.
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You continue depreciating the condo building based on its original cost of $86,012, ignoring its property tax assessed value and fair market value.
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Selling rental condo for $240,000. Bought it for $114,683. Bought it in 1989, selling in 2021.
1.At what capital tax rate is the gain/profit of $125,317 taxed? Is the gain capital gains?
2. Is the depreciated value considered income? Do you add it to the sale price?
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20% (max rate on capital gains, but beware of impact on other income)
No
And.....
Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Cheers!
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Whether it is 20%, 10%, or 25% depends on the owner's tax rates.
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should get you there. Sell the building and the land and any other assets that go with the what I assume is a rental. If you don't have land listed with method of 99 (no depreciation) then there is a step to adjust the basis.
Answers are easy. Questions are hard!
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The profit is more than 125,317. The basis is reduced by the depreciation.
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I plan a 1031 Exchange for a property of equal or greater value> Can the former property appreciation and depreciation carried forward to new like kind property?
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Start a new question and provide some more info.
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Here are the Help articles you need for this program:
Don't yell at us; we're volunteers
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