moolelechip
Returning Member

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.