A Practical Guide to 1245 vs 1250 Property for Investors
When you boil it down, the difference is pretty straightforward: Section 1245 property is all about the tangible personal assets you use in your business—think equipment, vehicles, and machinery. On the other hand, Section 1250 property deals specifically with real estate, like the building itself and its core structural parts. This distinction might seem minor, […]
Tax implications of selling rental property: Quick guide
Selling a rental property means more than handing over the keys and cashing the check. The IRS treats that sale as a taxable event, and you’ll face two main charges: capital gains tax on the increase in value and depreciation recapture on the deductions you’ve claimed. Understanding how each is calculated can help you manage—and […]