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.
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.