"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:

- quote -

I am neither entertained nor laughing. It is a crying shame
our tax system has grown so complex that various aspects of
it gets people all mixed up.

What entertains me is the various misstatements of
depreciation recapture I have read on MTM and in very well
sold tax publications. (I'm not saying that you made any
such misstatements.)

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"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote

- quote -

Well, if that doesn't work, she can buy another piece of
property and do a 'tax free' exchange, they've heard of
that. "How many months after they cash the check do they
have to buy something else?"

Yes, we've heard them all.

--
Paul A. Thomas, CPA
Athens, Georgia

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We all get these kind of questions, and wonder......

For your entertainment:

Client emailed me about her mother selling what had been
rental property (business, not residential). sale price
100,000 so I replied surely all of it would be taxable cause
depreciated down next to nothing over the years, and
explained difference between depreciation recap and rest as
capital gains.

couple of hours later another email, asking about this
scenario: "What IF mother gives her (4 children) 1/4 each
of proceeds to let them pay tax at their rates.!!!"

no further comment from here of course. WE all need a laugh
time to time.

ChEAr$,
Harlan Lunsford, EA n LA

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