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Investors & landlords
@Jimandpatti , in short you will pay ordinary income tax on the recapture portion of the gain and capital gain tax on any residual gain. Your basis for gain computation is the acquisition basis plus cost of improvements over the years LESS accumulated depreciation.
You can use TurboTax 2020 to compute your gain and taxes thereon -- save the filed return under a different name and then make the changes --- I am assuming here that you have the desktop version and preferably Home and Business
Does that answer your query or do you need more help ?
‎June 14, 2021
8:09 PM
325 Views