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kevinH1
January 25, 2023
Question

capital gains

  • January 25, 2023
  • 1 reply
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I purchased a semi in 7/18 for $55490. I sold it in 2/22 for $54000. It was fully depreciated. how can i limit the capital gains on this.

    1 reply

    KrisD15
    KrisD15
    January 25, 2023

    You won't have any capital gain from this transaction since you sold it for less than you purchased it for. 

    You will need to claim 54000 as ordinary income since you are recapturing 54000 worth of depreciation (because you said it was fully depreciated).  

     

    There was a time where you could do a "like-kind exchange" but that is now limited to only real estate property. 

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