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Business & farm
If you have had the rental since 1986 then the entire home must have been fully depreciated by now ... review the depreciation worksheet to confirm this ... then you will enter in the total depreciation taken for the entire property + and improvements or additions. All the depreciation must be recaptured as ordinary income then the profit in excess of the depreciation will be considered capital gain.
‎June 6, 2019
8:33 AM