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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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Home purchased for nursing home. when nursing home is sold

Customer Question

home purchased for nursing home. when nursing home is sold do I
JA: The expert will know how to help. Please tell me more, so we can help you best.
Customer: recapture depreciation?
JA: Is there anything else important you think the expert should know?
Customer: In business for 33 months as nursing home
Submitted: 2 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 months ago.

Hello. Thank you for choosing this Q&A service for assistance. We appreciate your trust in us. My name is Angela. I will be assisting you.

Q: when nursing home is sold do I recapture depreciation?

A: Based on everything that I have read, yes, you will need to recapture depreciation. I have not come across any information indicating that a nursing home is exempt from depreciation recapture. For more detailed information regarding this matter, you can refer to the following links;

https://www.irs.gov/publications/p544/

http://www.costsegadvisor.com/Cost_Segregation/CSA_Documents/CSA_Articles/Article(Depreciation_Recapture-101).pdf

Let me know if I can be of further assistance to you regarding this matter. If I have provided you with the information requested within this thread, I ask that you please take the time to scroll to the top of the page and select 3 or more stars so that I can receive credit for assisting you. Thank you in advance.

Customer: replied 2 months ago.
Thank you but I am not happy with the other charge. I did not want a subscription. You will
hear from my bank.
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Expert:  Tax.appeal.168 replied 2 months ago.

Hello again. I will let customer service know that you are not interested in a subscription. However, in order for me to receive credit for assisting you, you would need to scroll to the top of the page and select 3 or more stars to positively rate my response. Thank you in advance.

Expert:  Tax.appeal.168 replied 2 months ago.

System is asking for a response form me. No sure why.