CapGain and Depreciation on a renatl residence

[Latin101]

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.

[Latin101]

Test only -- (I want to check that I am notified if someone posts an answer.)

[LdiJ]

Originally Posted by Latin101

Test only -- (I want to check that I am notified if someone posts an answer.)

Read this article, it will answer your question.

[url]http://www.bassing.com/qprtnfo.htm[/url]