Hello,
In 2021, we converted a property that had been a rental for a number of years to be our primary residence. I'm at the following TT screen:
Q1. Have I selected the right choice above ("No, this property was not rented all year")?
Q2. It is my understanding that I need to pay taxes on the cumulative depreciation taken over the years while this property was a rental (Section 179 recapture). Is this understanding correct?
Q3. Which form do I search for in TT to see if this Section 179 Recapture is accounted for correctly? The reason I ask is because my payable taxes shown at the top of the TT window went up when I entered the information for this property, but the amount of the tax increase was much smaller than I had expected. I am thinking that the Section 179 Recapture is not done correctly.
Thank you!
