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Get your taxes done using TurboTax
The IRS requires you to claim depreciation. Your choice to not claim it does not change the law. When you sell a house, you are required to reduce the basis by the allowed or allowable depreciation. You do have a way out. The Form 3115 can be filed with your taxes so that you can claim credit now for all the lost depreciation. It is a bit complicated so see my post here for help.
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March 14, 2024
10:08 AM