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Posted by 123go on April 14, 2008, 7:32 pm
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> This is actually planning for 2008 taxes :-)
>
> A few weeks ago, an apartment building in which I was a Limited Partner
> (since the early 1980's) was sold.
>
> I am looking for assistance, or reading references, to try to figure out
my
> tax liability.
>
> There will be a gain, and I have no unused passive losses.
>
> There was an initial investment; and there have been distributions, over
> the years, of a portion of that initial investment.
>
> Information distributed last year by the partnership indicated that my net
> gain would be the sum of:
> Distribution of the (remainder of) the net cash invested
> Distribution of the proceeds of the sale of the property
> Less
> The capital account amount on my K-1 (tax basis)
>
> That part is clear and I can do those calculations easily enough with the
> actual data.
>
> But on that breakdown, they also show a portion of the gain being taxed at
> 25% (the bulk of the gain); and a smaller amount of the gain being taxed
at
> 15%.
>
> I can't tell, from the information provided, how they are determining that
> breakdown.
>
> Any suggestions would be appreciated.
>
> Thanks.
> --ron
>
> ========================================= MODERATOR'S COMMENT:
> - why not ask them as well?
now, there's a thought!
I would imagine the 25% would be on depreciation recapture and the 15% would
be on capital gain beyond that.
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