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Deductions & credits
Thanks,
So, Do not concern myself with prior depreciation, just put FMV (appraised value at time of donation) on schedule A and attach Form 8283 section B. No need to use Form 4797 to figure recapture and report as ordinary income on schedule C. Even though the property was depreciated over a period of years. The FMV is far more than the Adjusted basis.
Since there is Up to 40% penalty if reported wrong, please be specific as to forms and procedure.
‎December 28, 2019
8:00 AM