I sold a building for $233,507 that I worked in, and that I rented to another tenant for 19 years. My Depreciation Cost/Basis is $232,352, of which $163,696 is for the Building itself. My total Prior 179/SDA/Depreciation to date is $91,535. My gain on the sale of the Building itself I believe is calculated to be $69,811 [233,507-163,696] .
Do I calculate my Dep.Recapture by adding the $69,811 gain to the total Depreciation expenses of $91,535 for a total of $161,346?
I entered that figure into the caluclator Long Term Gains, and was shown that my Long Term Capital Gains tax owed would be $13,339 at an effective rate of 7.96 with the tax bracket at 22%.
Do you agree with my calculations?
Sincerely,
Craig Schade
[phone number removed] if you prefer to text or call.
