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Tax law changes
Yes, here are the answers to your questions.
- No. You do not add depreciation to your basis. Hopefully, you have claimed depreciation expense each year you owned the property because the depreciation will be recaptured and taxed as ordinary income.
- This is not classified as a second home thus it would be classified as other. By classifying it as a second home would infer it was a personal residence, which, in this case, is not.
- Since you received a tax refund, you wouldn't be eligible claim a Foreign Tax credit.
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‎April 2, 2025
7:17 AM