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Exchanging Depreciable Realty Subject to Depreciation Recapture
Recapture provisions supersede tax-free exchange rules. Thus, if you exchange a depreciable building placed in service before 1987, depreciation recapture may apply, so check the consequences of any recapture element. For example, if you exchange the building for land, the recaptured amount is fully taxable as ordinary income.
Previous Daily Tax Tips:
• 2/9/2010 - Exchanging Depreciable Realty Subject to Depreciation Recapture
• 2/8/2010 - Formalize Loan With Relative
• 2/7/2010 - Debt Worthless Before Due
• 2/6/2010 - Nonbusiness Bad Debt
• 2/5/2010 - Accounts and Notes Receivable
• 2/4/2010 - Selling Before the Security Becomes Worthless
• 2/3/2010 - Taxable Boot Received in Exchange
• 2/2/2010 - Installment Notes in Marital Transfer
• 2/1/2010 - Charging Minimum Interest
• 1/31/2010 - Installment Reporting on Escrow Allowable
• 1/30/2010 - Contingent Sales
• 1/29/2010 - IRS Notice of Related Party Transfer
• 1/28/2010 - Installment Sale to Relative
• 1/27/2010 - Extension of Pledge Rule
• 1/26/2010 - Recapture of Depreciation or First-Year Expensing Deduction
• 1/25/2010 - Foreclosures
• 1/24/2010 - Year-End Sales of Securities
• 1/23/2010 - Payments from Prior Installment Sales
• 1/22/2010 - Improvements Covered by Note
• 1/21/2010 - Joint Property Held With Non-Spouse
• 1/20/2010 - Spousal Joint Tenancies Created Before 1977
• 1/19/2010 - Scheduled Change to Stepped-Up Basis Unlikely To Take Effect
• 1/18/2010 - No Gain or Loss
• 1/17/2010 - Basis for Gift
• 1/16/2010 - Basis of Mutual-Fund Shares
• 1/15/2010 - Mortgaged Property
• 1/14/2010 - Records for Rental Property Improvements
• 1/13/2010 - Selling Inherited Property
• 1/12/2010 - Year-End Sales
• 1/11/2010 - Long-Term Holding Period of More Than a Year
• 1/10/2010 - Selling Price Reported to IRS
• 1/9/2010 - Rollover of Gain From Sale of Empowerment Zone Assets
• 1/8/2010 - Increased Section 1202 Exclusion
• 1/7/2010 - Carryovers From Joint or Separate Returns
• 1/6/2010 - Keep Records of Loss Carryovers
• 1/5/2010 - Holding Periods
• 1/4/2010 - Tax Return n Statement Requirements
• 1/3/2010 - Get Professional Advice To Draft Loan Agreement
• 1/2/2010 - Deduction for Estate Tax Paid on Interest
• 1/1/2010 - Accumulated E Bond Interest
• 12/31/2009 - Form 1099-INT When Savings Bond Is Cashed
• 12/30/2009 - Election for Children Not Subject to Kiddie Tax
• 12/29/2009 - Tax Deferral: T-Bill Maturing Next Year
• 12/28/2009 - Arbitrage Bonds
• 12/27/2009 - AMT Exception for New Private Activity Bonds
• 12/26/2009 - Recomputing Form 1099-OID Amount
• 12/25/2009 - Discount on Short-Term Government Obligations
• 12/24/2009 - Discount Bonds Held to Maturity
• 12/23/2009 - Older Tax-Exempts
• 12/22/2009 - When OID May Be Ignored
The Daily Tax Tip content is provided by America's all-time best selling tax guide, J.K. Lasser's™ Your Income Tax Guide by John Wiley & Sons, Inc. Tax advice provided by The Daily Tax Tip shall not be construed as a substitute for the advice obtained or given by a certified tax professional.
