Thursday, March 28, 2013
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
Question by vahiker_2000: Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
The properties are owned by an LLC and income is reported on 1065. I have been depreciating the property, and have a $ 30,00 gain over the adjusted basis. If this is capital gain, how do I show this on the 1065 and schedule K.. Ihave used turbo tax and they have put this as ordinary gain.
Best answer:
Answer by spicertax
The portion of the gain attributable to depreciation is called Section 1250 gain taxed at a maximum rate of 25%. It could be that all of your gain is Section 1250 gain depending upon depreciation claimed. If not the remaining gain due to appreciation is long term gain taxed at 15%.
What do you think? Answer below!
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
Want to buy TurboTax? Check out http://turbotax2012download.net
Wednesday, March 27, 2013
Lastest Turbotax Business News
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit. Advertisement. Details. Description. Diversified Financial Consultants founder Dominick Tavella on Minnesota officials recommending taxpayers not use certain tax preparation software.
Read more on Fox Business
4 Common Tax Filing Mistakes to Avoid
According to a study by TurboTax, the IRS received 187 million returns and audited 1.7 million in 2010, with only 1% of the majority of individual earners having been audited. (http://blog.turbotax.intuit.com/2012/03/19/audit-misconceptions/). “It's …
Read more on Fox Business
Lastest Turbotax Business News
Want to buy TurboTax? Check out http://turbotax2012download.net
Subscribe to:
Posts (Atom)