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When selling a rental property is allocating proceeds to land and improvements legal?
I cannot find anything in the tax code or any other independent sources that treat the sale of a rental property the same way turbo tax does. The sale of a rental property is the sale of a 1250 asset and I do not see where the tax code allows you to allocate a portion of the proceeds to land thereby reducing the depreciation recapture tax. Can anyone point me to an IRS publication or other resource?
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‎October 6, 2020
3:38 PM