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5 years ago you purchased a small apartment complex for $1 million foriginal cost basis). The original depreciable basis was $750,000 Annual depreciation deduction $27.272.73
5 years ago you purchased a small apartment complex for $1 million foriginal cost basis). The original depreciable basis was $750,000 Annual depreciation deduction $27.272.73 Total depreciation-5 yrs 5 $27.272.73 $136.364 No capital expenditures have been made since acquisition. If you sell the property today for $1.270,000, what will be the taxes due on sale? Assume 6% selling costs, 33% ordinary income tax rate. a 15% capital gains tax rate, and a 25% recapture rate. Please show your work
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