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Get your taxes done using TurboTax
Yes, you can deduct realtor fees, property tax and interest, but the payoff of a lien (like the mortgage principle) is not deductible. However, there are other concerns.
In addition, you may have been required to take depreciation over the life of the property investment.
- You are required to "recapture" depreciation allowed or allowable when you sell the property.
- This means you have to recapture it regardless of if you took the depreciation or not
- Depreciation Recapture: Definition, Calculation, and Examples
I recommend you consult a tax professional soon to see if this condition applies
You can get credit for an amended return back to 2021 if you file by April 15th 2025
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March 11, 2025
4:22 AM