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Updated almost 7 years ago,
long term carryover loss to offset depreciation recapture
- Purchased strip mall in 3/2003 in Chicago, IL for $4,800K
- Sold it in 11/2017 for $4,660K
- Closing costs for purchase/sale $600K
- Capital improvements $300K
- Total depreciation claimed over the years $2,300K
- Has long term carryover loss $550K
Questions:
- How much is the depreciation recapture, if any?
- How much is the capital gain, if any?
- How much is the capital loss, if any?
- How much is the ordinary taxable income, if any?
- How much carryover loss could offset depreciation recapture?
- How much carryover loss could offset capital gain?
- How much carryover loss could offset capital loss?
- How much carryover loss could offset ordinary taxable income?
- Going forward how much carryover loss would for future use?
- Basically how much is the tax liability of this sale?