Jasmine owned rental real estate that she sold to her tenant in an installment sale. Jasmine acquired the property in 2006 for $400,000; took $178,000 of depreciation on it; and sold it for $210,000, receiving $25,000 immediately and the balance (plus interest at a market rate) in equal payments of $18,500 for 10 years.

What is the nature of the recognized gain or loss from this transaction?

The nature of recognized gain or loss from the transaction is known as capital gain or loss and is significant for computation of individual income taxes.

Explanation:

In this case, Jasmine has sold real estate property to her tenant. The gain or loss on sale of real estate is computed as below.

Original Cost400,000

Depreciation178,000

Current Value of Property222,000

Sale Value210,000

Loss on sale12,000

Thus the loss on sale is computed by taking the present value of property into consideration and sale value. Since sale value is lower than current value of property, we have to recognize loss on sale of property which is called as capital loss.

Capital gain or loss is incurred when an individual sells capital assets like long-term investments, real estate etc. These capital gain/loss have to be disclosed in the personal income tax returns filed with the government and based on whether the transaction has resulted in a gain or loss, it becomes taxable. Capital gains are normally taxed as per personal income tax rates. Capital losses can be off-set against capital gains or in case there has been no capital gain, it can be carried forward to the next year for set-off against gains until the losses are exhausted.

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