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TT not Calculating taxable gain on sale of home with Home Office Depreciation
I sold my primary home in July 2020 for $1,100,000. I had expenses in the sale of $46,000. I had a home office that I claimed depreciation of approximately $50,000 over 10 years. Turbo Tax says I have a taxable gain of $50,000 but the amount I owe isn't changing. FYI, My basis for what I paid to purchase the house was originally $729,000. My adjusted basis for capital improvements I made over past 10 years is $785,000. Married filing jointly. I agree I don't owe a capital gain on the profit but isn't there a depreciation recapture because of the home office? Thanks for any insight!
‎April 20, 2021
6:14 AM