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CapGain and Depreciation on a renatl residence

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Latin101

Registered User
Suppose I acquire a house via a 10 year QPRT in which the donor claimed a gift value of $250,000. The current market value of the house is $500,000.

If I sell the house for $500,000 how much do I have to declare as a federal capital gain?

Suppose I rent the house. How much depreciation can I take each year on my federal income tax freturn, for how many years?

Thanks.

FWIW, I am in MD.
 



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