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re: Is anyone here an expert on depreciation of rental property after it's sold?
Posted on 2/13/17 at 10:19 am to ODP
Posted on 2/13/17 at 10:19 am to ODP
Yes, I believe so, but I'm not sure. When I look at the depreciation form in turbotax, it says prior depreciaiton is around 24k and this year it's around 3.2k.
Do you know how to tell if I did take them? I'm assuming I did.
Do you know how to tell if I did take them? I'm assuming I did.
2
Posted on 2/13/17 at 10:21 am to SnukaD
Check out schedule E on your past returns, there is a line for depreciation.
Posted on 2/13/17 at 2:37 pm to SnukaD
Any depreciation taken previously will need to be " recaptured". You will need to treat the amount of depreciation taken as ordinary income. You will also have a long term capital gain for around 24k (sales proceeds-original purchase).
You may want to consult a CPA for this part to make sure you got it right
You may want to consult a CPA for this part to make sure you got it right
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