- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
technically AGI IS NONE that you listed and assuming you're correct that other than depreciation recapture none of the gain is taxable
+ wages
+ rental income or - rental loss
+ the smaller of depreciation recapture or your net gain (taxed at your marginal tax rate but not more than 25%)
+ any other income that would affect AGI
- any other deductions that would affect AGI
this is your AGI
- standard or itemized deductions
this is your taxable income
since you say the gain over depreciation recapture is fully excludable this adds $0 to AGI and thus taxable income
IRS PUB 523 covers depreciation recapture and the home sale
‎September 11, 2023
8:17 PM
1,246 Views