Ok, so with the flooring adding to the basis, my gain is less, so my tax due is less. In looking at the forms...I just want to make sure that my depreciation has been recaptured. Can you tell me where to look?
The Disposition Report shows the gross sales price of the property(adding all improvements). So that looks good. The Asset Entry Worksheets for the appliances purchased in prior years, lists ordinary income from depreciation recapture, but on the Asset Entry Worksheet for the actual structure is only shows the Cap Gain, not anything for depreciation recapture. There is an unrecaptured gain of which part is being taxed at 0%(jt income under 80K) and another that is being taxed at 15%.
Thank you for your help and please pardon my lack of expertise. This is the 1st rental we have owned/sold.
