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Investors & landlords
"to the extent of any gain that would have been treated as ordinary income because of depreciation"
I interpret that to mean he can deduct the FMV minus the depreciation.
So if the Unadjusted Basis was $100,000, he took $10,000 of depreciation, and the FMV is $150,000, I think he can deduct $140,000.
Do you agree?
I interpret that to mean he can deduct the FMV minus the depreciation.
So if the Unadjusted Basis was $100,000, he took $10,000 of depreciation, and the FMV is $150,000, I think he can deduct $140,000.
Do you agree?
‎June 6, 2019
6:49 AM