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Updated almost 5 years ago, 01/08/2020
NC Commercial RE sale - tax question - how much will I owe?
I am looking to sell my commercial warehouse here in NC. I have owned it for 19 years but have refinanced it a couple of times over that period. So, being that the amount of depreciation I take or have taken effects my tax bill, how do I calculate this? Does the depreciation schedule start over when I refinanced or does it just continue since my original purchase? What other factors do I need to consider?
Thanks for your help, Mike
FYI- The building is 10,000sq ft portion of a 15,000sq ft building. My portion (10K sq ft) is broken up into 3 flex space units (5000, 2500 and 2500). All units have long term leases and generate $7300/mo Taxes are $8800/year. Expenses are insurance,water and landscape ($4K/yr). New warehouses in the park are getting $120sq ft. I want $90sq ft. I have don't have a realtor nor am I looking to use one for this. Also, it's not listed anywhere.