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Depreciation schedules are included with your tax documents.
You can select to print all worksheets with last years return or, if you are using TurboTax Desktop, go to the form/document/worksheet (in FORM mode located at the top right) and print any individual document you desire.
When you sell rental property, use the accumulated depreciation from last year and also add any that will be claimed for the partial year it was still a rental.
So, if it was sold 06/01/2024, take the deprecation on the 2023 report and add any for the first five months in 2024.
If you enter the "Put in service" date and "date of sale", the program can calculate the depreciation taken (or what should have been taken) based on those dates. Residential rental buildings are depreciated over 27.5 years.
If the sale is more than the adjusted basis (your cost less the depreciation) the amount of the "recaptured depreciation" is Ordinary Income (taxed at your rate) and any amount over that is capital gain.
It doesn't matter if you actually took the depreciation, it needs to be recaptured regardless.
Could you please provide the depreciation schedule for my rental properties?
@kloc2255 wrote:
Could you please provide the depreciation schedule for my rental properties?
READ the answer provided above on this thread.
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