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Business & farm
Thanks you response. The replacement income property (single family home) was greater than the old. There is a "boot" of $28,000, on which I expected to pay income taxes (or c/g). But TT reads only get to defer the c/g of $250,000, not the SL depreciation of about $50,000. I had thought both were deferred into a reduction of basis in the new exchange property.
‎October 10, 2022
4:35 PM