You'll need to sign in or create an account to connect with an expert.
to the extent the gain is attributable to depreciation allowed or allowable,, it will be section 1250 gain subject generally to a tax rate of 25%. if the gain exceeds depreciation taken, it will be taxed at long term capital gain rates which may be 0% depending on your particular tax situation.
Try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1.
Enter your regular income first to see the regular tax. Then add the sale to see the effect.
Enter the difference between the sale price and what you paid for it originally as a long term capital gain (LTCG). Enter the depreciation you've taken over the years (depreciation "recapture") as other income. Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. Depreciation recapture is taxed at your marginal rate, but not more than 25%.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
roypimjasmine2485
New Member
beckymitros
New Member
wufibugs
New Member
TaxPay3r
Level 2
angel888
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.