How Is IRS Section 1245 Used for Real Estate Taxes?
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IRS Section 1245 determines how certain types of property are taxed upon sale. Specifically, it deals with recapturing depreciation on personal property and specific kinds of real estate. When applicable, this rule can significantly impact the tax liabilities of property owners. When a property that has been depreciated is sold, IRS Section 1245 requires that […] The post How Is IRS Section 1245 Used for Real Estate Taxes? appeared first on SmartReads by SmartAsset.
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