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Business & farm
those numbers don't appear to be correct unless there was personal property involved which could result in section 1245 recapture which is taxed as ordinary income. with personal property only the the sales price in excess of the original tax basis would be capital gain. with the sale of real property generally all depreciation taken is recaptured as 1250 gain which has special taxation any excess is capital gain
‎February 6, 2023
12:21 AM