ILLMAS Posted April 15, 2008 Report Posted April 15, 2008 Hello to all, I have a question, I have client that bought a property that qualifies for the GO Zone deduction, the property is being rented, it was bought in 2007. She previously had sold a house in IL so she has a capital gain on the sale, ATX is calculating 50% of depreciation for the property under the GO Zone. Since my client is not a real estate prof., shouldn't it be limited to 25K and not take 50% depreciation of 161K? Quote
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