On January 1, 2013, 5tephanie Aridpes acqulred desreciable reat property for $50,000. She used straight line depreciation to compute the asset's cost recopery the assef was sol4 for $90,000 on daeuary 3,2022 , when its adjuited bosks was $30,000. a. What are the amount and nature of the gain if the real property is residential? There is a b. Stephanie is curious about how the recapture rules differ for tangible personal property and tor resudential rental real estate acquired in 1987 and thereafter. Write a letter to Stephanie, explaining the differences. Het addreas is 2345 Westridge Street x23, Eana, ks 67342 On 3anuary 1, 2013, Stephanie Bridges acquired depreciable real property for $50,000, She used straight-line depreciation to compute the asset's cost recovery. The asset was sold for $96,000 on lanuary 3,2022 , when its adjusted basis was $38,000. a. What are the amount and nature of the gain if the real property is residential? There: is is of which 5 is treated as b. Stepha W the recapture rules differ for tangible personal property and for residential rental real estate acquired in 1987 and er to Stephanie, explaining the dafterences. Her address is 2345 Westridge Street a 23, Edna, Ks 67342. SWFT, L.P 5191 Natorp Eoulevard Mason, OH 45040 March 17, 2023 Ms. Stephanie Brideges 2345 Westridge Street a 23 Edna, KS 67342 Dear Ms. Bridges: The purpose of this letter is to answer the tax question we discussed last week. Below you will find the specific question restated and our response. On January 1, 2013, Stephanie Bridges acquired depreciable real property for $50,000, She used straight-line depreciation to compute the asset's cost recovery. The asset was sold for $96,000 on 3anuary 3,2022 , when its adjusted basis was $38,000. a. What are the amount and nature of the gain if the real property is residential? There is a b. Stephanie is curious about how the recapture rules differ for tangible personal property an 1937 and thereafter. Write a letter to Stephanie, explaining the differences. Her address is 23. estate acquired in SWFT, LLP 5191 Natorp Boulevard Mason, OH45040 March 17, 2023 Ms. Stephanie Bridges 2345 Westridge Street 23 Edna, ks 67342 Dear Ms, Bridges: The purpose of this letter is to answer the tax question we discussed last week, Below you will find the specific question restated and our response. SWFT, LLP 5191 Naterp Boulevard Mason, OH 45040 March 17, 2023 Ms. Stephanie Gilidoes 2345 Westridge Street 123 fina, ks 67342 Dear Mc. Dridiges: The nurpose af this letter is to answer the tax question we discussed last week. Below you wil find the spectic question restaged and our response. Question: What diflerence is there between the recapture rules for tangble persond property as opposed to residerual rental real estate accuired in 1987 and thereafter? Answer: Tangibie personal property depreclation subjects any on the property's disposition to be taxed as to the nxtent of the depreciatian taken. Generaly, there depreciation recapture for residential rental real estate acquiced in 1987 (and later years), Thank you for your incuiry. If we can be of further service, please contect us. Sincerely, Walter Smith, CPA Tax Partner M5. Stephanie Bridges 2345 Westridge Street $23 Edria, K567342 Dear Ms, Bridges: The purpose of this letter is to answer the tax question we discussed last week. Below you will find the specific question restated atid our response. Question: What difference is there between the recapture rules for tangible personal property as opposed to residential rental real estate acquired in 1987 and thereafter? Answer: Tangible personal property depreciation subjects any on the property's disposition to be taxed as to the extent of the depreciation taken. ( depreclation recapture for residential rental real estate acquired in 1987 (and later years) Thank you for your inquiry. If we can be of further service, plea Simcerely, Walter Smith, CPA Tax Partner Ms. Stephanie Bridges 2345 Westridge Street 223 Edna, KS 67342 Dear Ms. Bridges: The purpose of this letter is to answer the tax question we discussed last weok. Below you will find the specific question restated and our response. Question: What difference is there between the recapture rules for tangible personal property as opposed to residential rental real estate acquired in 1987 and thereafter? Answer: Tangible personal property depreciation subjects any on the property's disposition to be taxed as to the extent of the depreciation taken. Generally, there depreciation recapture for estate acquired in 1987 (and later vears). auiry. If we can be of further service, please contact us. Ms. Stephanie Bridges 2345 Westridge Street $23 Edna, k567342 Dear Ms. Bridges: The purpose of this letter is to answer the tax question we discussed last week. Below you will find the specific question restated and our response. Question: What difference is there between the recapture rules for tangible personal property as opposed to residential rental real estate acquired in 1987 and thereafter? Answer: Tangible personal property depreciation subjects any on the property's disposition to be taxed as to the extent of the depreciation taken. Generally, there depreciation recapture for residential rental real estate acquired in 1987 (and later years). Thank you for your inquiry. If we can be of further service, please contact us. Sincerely, Walter Smith, CPA Tax Partner