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Get your taxes done using TurboTax
@DianeW777 - thank you.
- Does it mean that I do not need to pay back the amortized refi costs and remaining amortization of refinance costs will be deducted for the year of sale? What about closing costs (when I bought the house) - what is their treatment at the time of sale?
- What determines the actual tax rate for depreciation recapture - I see you say " Gain is taxed at a maximum of 25% capital gains"?
- Do I understand right "any passive loss" that will be deducted at time of house sale ALSO includes accumulateded deprecition (i.e. total amount of all carryforwards + last years's passive loss)? If yes - it will be deducted from ordinary income (not capital gain rate)?
March 5, 2024
3:34 PM