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Investors & landlords
One clarification: "recapture" of the depreciation is taxed at your ordinary marginal tax rate (not capital gains rates), but at not more than 25%.*
Although TurboTax (TT) can handle this situation, you should consider having your taxes done professionally.
*Although taxed at ordinary income rates, but 25% maximum, depreciation recapture is still considered a capital gain and can be offset by other capital losses.
Although TurboTax (TT) can handle this situation, you should consider having your taxes done professionally.
*Although taxed at ordinary income rates, but 25% maximum, depreciation recapture is still considered a capital gain and can be offset by other capital losses.
May 31, 2019
5:40 PM