Residential real estate was purchased in 2012 for $345,000
Question # 00147563
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Updated on: 12/07/2015 10:03 PM Due on: 01/06/2016
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?
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?
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Rating:
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Solution: Residential real estate was purchased in 2012 for $345,000