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I sold a rental property in 2018. TurboTax is treating as ordinary income on form 4727 rather than capital gains. Shouldn't non-depreciated portion be capital gain?
I sold a rental property that I have owned for several years. I want the gain treated as a capital gain, not as ordinary income. TurboTax is reporting the entire gain amount on form 4797 as ordinary income.
Shouldn't I be able to have any gain amount above depreciation recapture reported as capital gains, and taxed as such?
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‎June 4, 2019
3:30 PM