Business & farm

Well, make sure you keep the email from the "competent tax professional" so you can refer to this individual should you win the audit lottery and get challenged on this.  

 

In a sale of a partnership interest hot assets includes section 1245 depreciation recapture; which would be your share of this.

 

It may be small, but it does apply.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.