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Deductions & credits
I'm so impressive how you answer me! I sincerely appreciate your kind and professional answer.
"Then on top of that, you will still probably pay some tax on the depreciation. When you rented the house you were entitled to take depreciation, and when you sell you have to pay that back (pay a recapture tax) if you sell the house for more than the depreciated value. "
-) I hired a rental manager and reported all taxable rental income during 3 years period. But If sold a house, I ought to pay this income again?
"Then on top of that, you will still probably pay some tax on the depreciation. When you rented the house you were entitled to take depreciation, and when you sell you have to pay that back (pay a recapture tax) if you sell the house for more than the depreciated value. "
-) I hired a rental manager and reported all taxable rental income during 3 years period. But If sold a house, I ought to pay this income again?
‎June 7, 2019
2:57 PM