Thank you. $1 gain on land is what I'm thinking doing as well. It will make sure all prior depreciation on asset is recaptured.
Sounded like form 4947 Sale of Business Property is required in the final filing to IRS?
I also noticed something on 1040 not sure if it is coincidence - Capital Gain in line 6 is largely offset by Other income in 7a. Are those both just representing the recapture of depreciation of depreciation as capital gain and release of the carried forward passive loss? Is it weird 2 numbers are so close to each other?
Thanks
@Carl
