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Investors & landlords
Thank you for the reply. I sold the property last year and currently working through the depreciation recapture process. Since my accountant claimed depreciation for the entire year of 2020 although the property was placed in service in November 2020, I am having to pay tax on a larger amount of depreciation claimed in 2020. since my income is higher than the limit of passive loss that I can claim, I did not make any money on the rental even without deducting depreciation. So it feels worse to have to pay tax on the depreciation recapture that did not help me in any way. Currently I have an accumulated passive loss of more than $10,000 because of the higher depreciation claimed in 2020.
‎April 7, 2024
8:09 AM