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Investors & landlords
Also, your gain will be subject to either Section 1245 and/or 1250 property. If the rental property included things like stove, refrigerator, etc., or other types of equipment, those should be allocated a selling price less basis, and and gain/loss will be either 1245 gain, or ordinary loss.
Sale proceeds allocated to real property may be subject to Section 1250 gain.
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
‎April 12, 2019
12:41 PM
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