wxs1986

CPK you are right,
I too am thinking like this.

If you sold property for gain then pay capital gains else no cap gains.
Cap gain =(net selling price - original purchase price)

As for recaptured depreciation. I follow this simple rule:

If sold for gain then recaptured depreciation = accumulated depreciation

If sold for loss then recaptured depreciation = Net selling price - Book value
Book value above = purchase price -accumulated depreciation.



Edited 1 time(s). Last edit at Friday, May 28, 2010 at 03:46PM by chowder.