@M-MTax
Yes, there will be recapture & cap gain. I do see cap gain in the forms but I do not see the recapture. I never did understand recapture but know it exists. This property has been fully depreciated, I've owned it 30+ yrs. TTax creates 4684 for me and prompts for the insurance payout. That does not seem to be the same as a sale. Maybe that is the piece that I am missing because my results are not showing the tax hit I was expecting. If I call it a sale then I should not go down the casualty route? Or do I have to do both?
