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Deductions & credits
Ok... you really need to talk to somebody locally to discuss this correctly. Your "profit" will have some depreciation recapture which is taxed as ordinary income at a rate not to exceed 25% and if you have not been properly depreciating the property over the years then RUN for professional assistance so you are not double taxed ... this is not a DIY project and TT will not handle it at all.
‎July 24, 2021
3:15 PM