Back to
QUESTION DETAIL
Related User
Votes
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.
