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re: Thinking of selling my rental property. Taxes?
Posted on 4/2/19 at 6:55 pm to FrankDrebin
Posted on 4/2/19 at 6:55 pm to FrankDrebin
quote:
Checked tax paper work for the last last four years and the depreciation deduction has been taken.
OK, so if you add up that number from each year's tax return, that will give you your to-date depreciation in total. (Not sure if you have filed 2018 yet or not, but you would need to add the total for 2018). Then, assuming you sell it this year, you would have some additional depreciation - less than a full year - for 2019.
That total, whatever it is, represents your "depreciation recapture amount". Whatever your total gain is, it is split into two amounts.
1) The depreciation recapture amount which is taxed at 22 percent (used to be 25 before tax reform)
2) The remaining gain, taxed at your LT cap gain rate
Until you actually sell the house, it's all estimates, but this should give you an idea of what to expect.
Posted on 4/2/19 at 7:12 pm to LSUFanHouston
quote:
LSUFanHouston
Thank you!
This helps tremendously.
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