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I have owned a small apartment building since 1978,which I purchase for $60,000. My original cost of $60,000 is now completely depreciated. 20 year deprecitation was legal then.
My question is, if I sell the apartments in 1999 for $200,000, will I be taxed 20% on my capital gains of $140,000, and 25%*** on my depreciated $60,000 portion? If not, what will will my tax percents be for my long term capital gain of $140,000 and my deprectatied $60,000???
***(hinted at in my MF Investment Tax Guide pg 21 Tax Tips)
Thanks
Dave Harnett
dharnett@mediaone.net
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