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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1663
Experience:  Enrolled to Represent Taxpayers Before The IRS
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Me a my brother own a apartment building under S corp if I w

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Submitted: 6 years ago.
Category: Tax
Expert:  Marvin,EA replied 6 years ago.
Hello and thank you for using Just Answer. What is your question about S corp.?
Customer: replied 6 years ago.
I own apartment bulding under S corp. if I want to sell the building what is the best possible to save taxes
Expert:  Marvin,EA replied 6 years ago.
Did you take any depreciation for the apartment in prior years?
Customer: replied 6 years ago.
yes
Expert:  Marvin,EA replied 6 years ago.

You have to depreciation recapture any depreciation you deduct from the apartment in prior years. Depreciation recapture refers to the amount of gain from the disposition of property that must be reported as ordinary income. The portion of the gain that is not considered depreciation recapture is treated as a capital gain.

Example: The apartment cost $100,000, you depreciated $5,000 per year for 5 years total $25,000 depreciation. You sale the apartment for $125,000. $25,000 of the $125,000 will be tax as ordinary income and $100,000 will be tax as long term capital gain.

Customer: replied 6 years ago.
How much Tax per centage on the captial gain. In other words how mouch tax Irs will charge if i sell the building.
eg. I bought the buliding $100000.00 and sell it $200000.00
Expert:  Marvin,EA replied 6 years ago.

Any gain minus depreciation recapture will be taxes at long term capital gain at the rate of 15%.

Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1663
Experience: Enrolled to Represent Taxpayers Before The IRS
Marvin,EA and 3 other Tax Specialists are ready to help you

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