I've been renting out a house since 2019, and have been claiming depreciation every year (2019, 2020, 2021, and partial in 2022). I used TT Premium every year for taxes, and the depreciation is shown on Schedule E for each year.
I sold the house in September of 2022.
I'm using TT Premium, and am trying to enter relevant data for the sale of the house, but am *very* confused by what I'm seeing in the program. I don't see anywhere where the previous years' depreciation are mentioned, but I'm pretty sure I have to pay taxes in some form on all those depreciation amounts, once I sell the house, yes??
Sadly, their help really isn't helping much...
Under 'Review Information', it shows the info that I previously entered, and 'Prior deprec.' is shown as 0 ...
Do I enter the previous years' depreciation there??
I *did* read in my previous year's data when I started my return, should TT know these things??
// peripheral question:
I've been reading various related threads here, and the term "depreciation recapture" is sometimes used... is that the term for what I'm asking about here??
