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Deductions & credits
Thank you Dave! I understand you when you say "the depreciation you claimed will have to be recaptured at the time of sale." I have no plans to sell my property. But how is this recapture achieved if I decide to keep it as my primary residence rather than continuing the rent it out? Is this something that TurboTax will automatically calculate next year if I report that the property is no longer used as a rental? Will it then adjust the bonus depreciation on my next year's return?
I appreciate your knowledge and input!
‎January 31, 2024
2:30 PM