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Investors & landlords
Yes, you should keep the 2013 date in place for now since it has been set up on depreciation from that date. As indicated keep the actual depreciation figure you used for the Airbnb portion until you sell. At that time, you will use the true depreciation claimed in all years. The passive loss carryovers will be used up in the year of sale as well. In other words you will reduce your income in the year of sale by the combined total of any passive loss carryover amount.
You will recapture any depreciation used up to the amount of gain on the sale at that time. Any gain in excess of that amount will be taxed at the capital gains tax rates at that time.
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March 25, 2024
9:28 AM
3,510 Views