@Frazerdl wrote:
How do pay the taxes on the depreciation? I was told when the gift (property) was sold by my kids I would have to pay taxes on the depreciated amount. But I cannot figure what form to file.
Your children must recapture all the depreciation you claimed or could have claimed plus all the depreciation they claimed or could have claimed. They will likely need copies of your tax information. Remember that the tax code assumes all income is taxable unless you prove otherwise. If your children can't prove the amount of depreciation you previously claimed, an auditor will likely conclude the property was fully depreciated so the entire amount is taxable. You do need to see an accountant.
