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Capital gains and depreciation recapture
My daughter and I co own a townhouse since 2004. My daughter used it as her principal residence.and moved out in 2014. She rented out the property and claimed both rental income and depreciation recapture in her tax returns from 2014-2023. We had disagreement and the property was quit claim to me as the sole owner in January 2024. I agreed to pay the depreciation recapture due upon the sale of the property. I sold the property April 2024. How do I calculate and pay the depreciation recapture and capital gains?
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‎April 19, 2024
6:54 AM