cc11jimmy
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Thanks, even if they are different properties? I'm also phased out of the 25,000 deduction allowed. Thanks.@AmeliesUncle
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Unfortunately, it was phased out. so prob not that.@Anonymous_
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Thank you, I get the depreciation recapture part. It shows up in Schedule D as a capital gain.There isa supporting worksheet Unrecaptured Section 1250 Gain Work...
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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 likeform 4947 Sale of Bus...
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Thank you Carl! If I understand your example correctly, I should allocate at least 10,000 to each of those 2 asset in order to fully recapture the depreciation....
Activity Feed for cc11jimmy
- Got Cheered for Re: Sell of rental property. April 4, 2022 8:35 PM
- Posted Re: Sell of rental property on Investors & landlords. July 21, 2020 8:29 PM
- Posted Re: Sell of rental property on Investors & landlords. July 21, 2020 8:28 PM
- Posted Re: Sell of rental property on Investors & landlords. July 20, 2020 3:23 PM
- Posted Re: Sell of rental property on Investors & landlords. July 20, 2020 1:59 PM
- Posted Re: Sell of rental property on Investors & landlords. July 20, 2020 7:27 AM
- Posted Re: Sell of rental property on Investors & landlords. July 19, 2020 9:32 PM
- Cheered Re: Yes, if you used TurboTax this year and have a suspended... for AmeliesUncle. July 14, 2020 6:24 PM
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- Posted I live in NJ and work in NY. What if I did NJ first instead of NY? on State tax filing. July 14, 2020 6:38 AM
- Cheered Re: Question on 2 out of 5 year gain exclusion for Carl. July 12, 2020 12:08 PM
- Posted Re: It may take some math to see if a price reduction would b... on Deductions & credits. July 12, 2020 12:05 PM
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- Posted Re: Question on 2 out of 5 year gain exclusion on Get your taxes done using TurboTax. July 12, 2020 11:23 AM
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- Cheered Re: It may take some math to see if a price reduction would b... for AmeliesUncle. July 12, 2020 10:54 AM