"Stuart Bronstein" <spamtrap[at]lexregia.com> wrote in message
news:Xns9A36D81C7D98Cavocatstuyahoofr[at]130.133.1.4...
- quote -

Then have the buyer do his homework, and provide values and substantiation.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

kamlet[at]panix.com (Arthur Kamlet) wrote:

- quote -

Unfortunately the buyer would prefer a higher value, since it would
allow him to depreciate it faster than if that money were allocated to
the real estate.

Stu

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <zeCdne3Q3orU9T_anZ2dnUVZ_hCdnZ2d[at]comcast.com> ,
BobLeavitt <robertl101[at]hotmail.com> wrote:
- quote -


Yes, the carpet and appliances are Section 1245.


One common method for allocating sales price to Sec 1245 property is
to say its the same as its curently depreciated value.

That has the handy dandy effect of generating zero gain or loss
on 1245 property.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I am selling my 25% TIC interest in an apartment building that I acquired in 1993. I do not live in the building. The selling price exceeds the basis (and the original purchase price).

Do I understand that I am required to allocate a part of the sale price to personal property that I have been depreciating (carpets, refrigerator, stove)? If so, any suggestions as to how one determines the current value of a roomful of 3 year old carpet (and 2 year old carpet and 4 year old carpet) , as well as used appliances of various ages. I am talking small amounts here - my share of the cost of a refrigerator is $100, my share of the carpet in some of the units is $400. Looking for practical, rather than theoretical, advice.

Is the personal property what is termed Section 1245 property?

Thanks for your help.

Robert Leavitt

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >