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Deductions & credits
I realize this post was a while ago but I've found myself in a situation and now realize I don't know how to treat the depreciation.
I bought a condo in November 2012 (for about $250k) and lived there until I rented it in February 2024 (because I could not sell it at the time). From what I'm reading, when I file taxes for 2024, I should claim depreciation using MACRS, as this is required by the IRS. However, I don't understand how much depreciation I should be taking, given that the property was already 12 years old at the time of renting.
Secondly, I plan to sell the property in the summer 2025 what will the depreciation recapture be? (the current market price on te high end is $300k)
‎July 31, 2024
2:10 PM