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baabaamason posted an update Sunday, Feb 7, 2016, 7:28am EST, 9 years, 8 months ago
good morning....hope everyone has a great day.
@Dorbitz/JimL.....thanks for the info.....just doesn't seem fair......back when I first purchased this piece of property I might have saved $150 in taxes per year ($1000 deprec. @ 15% tax rate) now that I'll have to recapture it at the 25% rate, looks like I would have been better off not to even take deprec. BUT, the IRS says deprecation taken OR what you were entitled to take even if you didn't take it!! And I really don't want to purchase another property as I'm trying to downsize not only junk glassware but some rental houses.....was hoping to sell a house or two on installment sales but that doesn't look like it would help me at all.. Just like I had to have a new furnace put in another rental (cost $2200) and I have to set that up on depreciation!!!!! what a joke......lol
@donsons...Don may have to sell ALL the glassware just to pay the taxes.....but there's a problme them. no one wants my junky glassware....