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I sold my single family house primary residence. I had been renting out part of it. Each year I reported rental income and expenses, including depreciation. Now I need to deal with the past depreciation recapture. Using Turbotax Deluxe, I entered the sale information and the past depreciation expense in the Asset Entry Worksheet. The Asset Life History form verifies this information. Turbotax seems to handle the partial year income, expenses, and depreciation, but I don't see where the depreciation recapture is factored in. Do I need to enter additional information somewhere else, or is the recapture actually factored in somewhere and I don't see it?
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The depreciation recapture shows as "other income" and taxed at your regular rate.
If it was factored on a rental, it should show as income on your Schedule E or Schedule C.
The depreciation recapture shows as "other income" and taxed at your regular rate.
If it was factored on a rental, it should show as income on your Schedule E or Schedule C.
Try Schedule D, Line 19, or the Unrecaptured Section 1250 Gain Worksheet, finally the tax on it is computed on Schedule D Tax Worksheet, or perhaps the Qualified Dividends and Capital Gains Tax Worksheet, depending on your situation.
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