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Depreciation Recapture
We sold our only residential rental incurring a LT gain. Since this is not a business, are we subject to the recapture tax? Hers the details:
net proceeds 221955
cost basis 72548
lt gain 149407
accum dep. 107000
I am trying to pay an estimate today. Dont want to send an extra 25k if I dont have to!
Thanks.
‎October 15, 2024
6:42 AM