Essay
Residential real estate was purchased in 2016 for $345,000, held as rental property, and depreciated straight-line.
Assume that 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, 2019, for $683,000 total.What are the tax status of the property and 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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