sale of business property my grandmother has a residential rental property that was put into service 1/1/1977. gross sale price was 14,599.00 of which 1599.00 was for land.
i don't have a depreciation schedule but i do know by some paper work that acrs depreciation was used. she sold the property 2/6/2016 for gross amount of 64,578.00. of course, the house was fully depreciated out. there was no closing close at all. tried to do some research and since it was depreciated using acrs, do u think there is any uncaptured 1250 additional depreciation that needs to be declared after 1975 and pay ordinary taxes on or just fill in 4797, part III which in turn would go to schedule D as long term capital gain. thanks a lot. alan |