What is the tax status of the property the nature of the


Question - Residential real estate was purchased in 2012 for $345,000, held as rental property, and depreciated straightline. Assume the land cost was $45,000 and the building cost was $300,000. Depreciation totaled $34,089. The building and land were sold on June 10, 2015, for $683,000 total. What is the tax status of the property, the nature of the gain from the disposition, and is any of it § 1250 depreciation recapture gain or unrecaptured § 1250 gain?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: What is the tax status of the property the nature of the
Reference No:- TGS02831621

Now Priced at $25 (50% Discount)

Recommended (99%)

Rated (4.3/5)