Are your taxes going up or down? It depends on which tax plan you read. Both sides of the political aisle have proposed sweeping but dramatically different tax reform packages for Congress to consider:
Which, if any, plan will succeed? Who knows? Any measure that passes Congress would have to be a compromise package.
Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.