858024
I have one 1250 asset that was held for 11 months (all other assets are much older). Can I still include it in the like kind exchange or do I have to segregate that asset and report it as a regular disposal. I think the answer is yes, but I don't want to. Original property bought in 1990 with improvements over the years.
And for the sales price, it is not worth anything as it would have to be removed from the building and has no value apart form the property as it is a septic pump installed in the ground. I wish I would have just expensed it.
I hate to start allocating part of the sales price to it which is almost impossible to determine and I'd have to change the 8824. Maybe the IRS would say OK, it's in the ground and you've had it almost a year...
I have one more question: I am not seeing where I have to recapture and depreciation on Line 21. After reading the instructions, which I find totally confusing but I followed them and think it's zero. Can anyone explain under what circumstances you would have recapture on Line 21. Only if you have unlink kind property involved?
I don't know if incidental rules apply to this situation.
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@kmenace45 wrote:Can anyone explain under what circumstances you would have recapture on Line 21.
You do not have to be concerned with Line 21 unless you entered a figure in the following screen during the 8824 interview section in TurboTax.
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