itonewbie
Level 15
06-04-2020
02:11 PM
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Agree with Susan and Anna.
If there was depreciation taken on or after May 7, 1997, there'd be unrecaptured §1250 subject to a max of 25%.
Given the property was purchased back in 1973, she may also have §1250 recapture, subject to tax as ordinary income, if depreciation was taken in excess of straight line.
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