I sold rental property for $260,000. Original cost was $220,000 and accumulated depreciation was $40,000.
Which gives me a capital gain of $80,000. $40,000 long term capital gain and $40,000 recapture ordinary income. K-1 line 9c shows $40,000 and line 10 shows $80,000 which is taxing me $40,000 too much. What did I do wrong?
Thanks for your help!
