STUDY UNIT 8: PROPERTY TRANSACTIONS Flashcards
1
Q
Section 179 property
A
Max Deduction:510,000//phase-out $2,030,000
2
Q
Real estate as gife
A
Gain: Donne’s = Donor’s
Less: lesser of Donor’s or FMV
3
Q
Property acquired from a decedent
A
sold or otherwise disposed of by the recipient within 12 months of the decedent’s death, then the property is considered to have been held for more than 12 months.
4
Q
sale of a personal residence
A
loss is not recognized
5
Q
small business stock
A
axpayers may exclude 50% of the gain from the sale or exchange
6
Q
Residential rental property placed in service during 2017
A
27.5 years, straight-line method, mid-month convention
7
Q
principal residence
A
exclusion of $500,000 for married taxpayers filing jointly,
