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QUESTION DETAIL

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I purchased a commercial property with for $1,000,000 which has a $5,000,000 market value & a property mortgage of 3,000,000. Are there any tax implications to be concerned about? Is this transaction a taxable event since debt is involved?


ANSWER


The BIDaWIZ Team's Answer:

No; the purchase of this capital asset is not a taxable transaction. You

will begin depreciating the property, over its remaining useful life.

The BIDaWIZ Team

 

 

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