Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

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?
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
7/12/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,395
Experience: Certified Public Accountant
Verified

Hi my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Ask Your Own Tax Question
Customer reply replied 7 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.

Ask Your Own Tax Question
Customer reply replied 7 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.

Ask Your Own Tax Question
Customer reply replied 7 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
Satisfied Customers: 2,395
Experience: Certified Public Accountant
Verified
Mark Taylor and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,395
2,395 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a client in Ohio that sold a rental property to their
I have a client in Ohio that sold a rental property to their daughter. The sale price was $75,000 they then gifted her equity of $12,793.73. Can this gift be factored into the cost basis?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
I own a rental property under an LLC partnership. I am in
I own a rental property under an LLC partnership. I am in the middle of filling my Form 1065, 8825, 4562. I need to enter assets that I installed in the rental property in 2017. I installed a water he… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
One of my clients sold rental property in. He is a
one of my clients sold rental property in Virginia. He is a California resident his capital gain on federal tax return wiped out with the capital losses. Does he have to pay taxes in Virginia , or obl… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I sold a rental property last year, which had assets I've
I sold a rental property last year, which had assets I've been depreciating. I marked all assets "sold" since all of the individual assets were still in the house when I sold it. Upon running alerts, … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
736 satisfied customers
Question for CPA - When an owner of a rental property dies
Question for CPA - When an owner of a rental property dies and leaves the property to a person on a stepped up basis of fair market value does the depreciation schedule change to reflect the fair mark… read more
Carter McBride
Carter McBride
LLM
486 satisfied customers
Establish Basis for sale of rental property (4 bedroom ranch
establish Basis for sale of rental property (4 bedroom ranch ) … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
I sold a 2nd home in 2017 but it was a rental property from
Hi Pearl, i sold a 2nd home in 2017 but it was a rental property from 2003 to and including 2009. Can i report this as the sale of a rental property in 2017? I have depreciation on it from the cost ba… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If someone were to refinance the loan on a rental property
If someone were to refinance the loan on a rental property they own are the loan fee, city tax, refinance fees, loan origination fee, and closing costs deductible? If so, would they be depreciated ove… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
When a partner contributes depreciated rental property to a
Hi, when a partner contributes depreciated rental property to a partnership, does the partner report anything on partner's individual tax return? Such as a transfer or disposition on Form 4797? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What happens if I depreciated a rental property last year
What happens if I depreciated a rental property last year but before a year has passed the property is either sold or goes into foreclosure. It's my understanding that a depreciated rental property is… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Ugh...have a rental property client, received a 1099A but
Ugh...have a rental property client, received a 1099A but bank told them there will not be a 1099C. Looks like they have a gain, but they believe it's excludable. Don't we need the 1099C to determine … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
HOW DO I REPORT THE SALE OF A RENTAL PROPERTY AT A LOSS AND
HOW DO I REPORT THE SALE OF A RENTAL PROPERTY AT A LOSS AND THE DEPRECIATION. … read more
abci168
abci168
Principal
27 satisfied customers
We are thinking of selling a rental property. we brought it
We are thinking of selling a rental property. we brought it in 1980 for $80,000. We have refinanced it a few times. Currently we owe $477,000. The house is valued at $650,000. What would be our capital gain tax? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
My question is about depreciation for rental property. My
Hello. My question is about depreciation for rental property. My rental property had no income during one year. In this case, since there was no income, I do not need to claim depreciation for that sa… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
100 satisfied customers
Disposition of Rental Property. Rental property: Gross sale
Disposition of Rental Property.Rental property : Gross sale price: $600K Cost or Other Basis plus Selling Expenses: $300K Depreciation allowed or allowable: $100K (Form 4797 line 22)Adjustment: $300K … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Installment Sales - A taxpayer owns rental property (over
Installment Sales -A taxpayer owns rental property (over several years). Taxpayer is selling rental property and will hold the mortgage for the purchaser. Will this be considered a straight sale, reco… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
I didn't claim depreciation on a rental property for 8
I didn't claim depreciation on a rental property for 8 years. I'm about to sell the property. How many years of the past annual depreciation can I claim? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x