How do I calculate total depreciation after selling a townhouse that was used as a rental since 1999? I know I have to pay tax on the total depreciation taken over the life of owning the townhouse. Is there a way to find the total already? Did TT keep track of this and put the total amount of depreciation taken since 1999 in the box labeled “Prior deprec.”? Or do I have to add all individual amounts from each previous tax return to the amount shown on this year’s return?
There are several assets at the rental that have also been depreciated over the years, such as new kitchen cabinets, windows, etc. Do I owe tax on the recaptured depreciation for those assets as well and, if so, does TT take that into account?
