I purchased a rental house 20 years ago. That year I added it to TT as an asset. Since then I added about 20 assets as improvements amounting to about $30,000. Most of those assets have already been fully depreciated;
meaning their 'life' ended years ago. I thought I read if they were fully depreciated they are not recaptured at time of sale. The program says I must recapture about $100,000 depreciation which seems very high. Any suggestions please? Some more facts if relevant. TT put the sale on schedule D and called it 1250 property.
TT put the basis and depreciation on form 4797. I am adjusting the basis with $20,000 sales costs including commissions.
