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Get your taxes done using TurboTax
I'm sure y'all are correct. I didn't know whether the gain exclusion or depreciation would take precedence but now I must assume that depreciation must win out from the gist I get reading 121(d)(6) (even if the code's legalese is a bit much for a layperson like me to follow). I maintain my situation was not accounted for in Publication 523 which is a shame but no matter (perhaps I'll leave a comment). Anyway, it was great to get such a second (and third) opinion on the matter so thank you both very much. I will plan for the depreciation recapture this year accordingly (yippee... ).
Thanks again,
Cody
‎August 11, 2019
8:22 PM