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And in addition, you will need to consider whetehr you are obligated to recapture any depreciation you took or could have taken after __________ (some date in 1995 or 1997, IIRC).

Ira wrote an excellent post, but seemed to assume that you were talking about raw land.

No, I was considering more than raw land. However, I definitely ignored the possibility of a rental property since that had not been mentioned in the original post. As you correctly note above, rental property brings depreciation recapture into the picture (as well as a host of other issues).

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