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I sold a rental property and fully depreciated furniture and…

I sold a rental property...
I sold a rental property and fully depreciated furniture and fixtures such as refrigerator/oven/doors etc. Would I have to recapture the FF&E depreciated amounts as ordinary income with the sale when I recognize a gain?
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Answered in 1 minute by:
7/12/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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Hi my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

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Customer reply replied 11 months ago
Thanks Mark

If a sales contract includes the sale of other assets, such as furniture and equipment, the gain relating to depreciation recapture on those assets would be taxed at the property owner’s ordinary income tax rates.

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Customer reply replied 11 months ago
Thank you. ***** of Sale states " Seller warrants and conveys to Buyer all of Seller's right, title, and interest in the property located at (address of property)."

Based on this description it sounds like the FFE are not part of the sale.

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Customer reply replied 11 months ago
Great, thank you for your help Mark.

It was my pleasure. I was happy to help. If you would take a moment to rate my response I would greatly appreciate it. This is the only way that I will receive credit for helping you today. There should be stars located above the question. If you have additional questions or need clarification I would be happy to continue the conversation. Thank you.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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