Thanks for the reply, it clears things up a little. I did break out the land and building separately 14 years ago when I bought the property and have been deprecating yearly since. I don't understand where the land price at sale comes into play, all that should matter is the amount of deprecation to be recaptured, the total taken was $52,000. I understand that that is taxed at a different rate than the capital gains, is there anywhere in the forms that breaks those amounts down? The 4797 seems to only show a total profit, not the separate tax for recapture and and capital gain.
Thanks,
John Farr
