I am selling my 25% TIC interest in an apartment building that I acquired in
1993. I do not live in the building. The selling price exceeds the basis (and
the original purchase price).
Do I understand that I am required to allocate a part of the sale price to
personal property that I have been depreciating (carpets, refrigerator, stove)?
If so, any suggestions as to how one determines the current value of a roomful
of 3 year old carpet (and 2 year old carpet and 4 year old carpet) , as well as
used appliances of various ages. I am talking small amounts here - my share of
the cost of a refrigerator is $100, my share of the carpet in some of the units
is $400. Looking for practical, rather than theoretical, advice.
Is the personal property what is termed Section 1245 property?
Thanks for your help.
- posted 12 years ago