IRS Section 1245 determines how certain types of property are taxed upon sale. Specifically, it deals with recapturing depreciation on personal property and specific kinds of real estate. When ...

Gain from a couple’s disposition of agricultural property could not be deferred, even though the property was relinquished in a like-kind exchange that was properly executed, the Tax Court held. The ...

I’m in the specialty tax business, and I get calls on a daily basis from CPAs and real estate owners who are concerned that the reallocation of tax basis to “personal property” as part of a cost ...

Depreciation recapture taxes gains from selling depreciated property as ordinary income, reclaiming prior tax benefits. If you’re a business owner, you’ve probably bought at least some property to use ...

Many farmers are considering selling their land this year due to rapid appreciation in the value or to escape any possible capital gains tax increases. However, many of them also plan on deferring the ...