Insight Tag: Tax

On Friday, Aug. 12, the U.S. House of Representatives voted to pass the Inflation Reduction Act, after being passed by the Senate earlier this month. The bill is much smaller in size than what was proposed under the Build Back Better plan, but still includes some significant tax law changes. The bill includes tax law changes to raise revenue for the government, along with some tax deductions and credit changes. It also includes a provision for $80 billion in additional funding for the IRS.

When a property owner sells an asset that previously was used to offset ordinary income through depreciation, the gain is taxed through depreciation recapture.

Learn more about the $1.2 trillion bipartisan infrastructure bill recently signed by President Biden.