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I sold a rental and transfered the depreciation to another property which I have now sold. How do I handle the taxes.
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I sold a rental and transfered the depreciation to another property
You really need to elaborate a bit more. Depreciation is not transferred when you sell a rental. It is recaptured and taxed in the year of the sale, whatever tax year that may have been.
I do not understand. When we sold a rental we went thorugh a investment property exchange service to do the exchange possably a fed form 1031 we now have sold the property and do not know how to handle the sale of said property. Please advise.
Thank you
When we sold a rental we went thorugh a investment property exchange service to do the exchange possably a fed form 1031
You can't be guessing here. You have to "know" you did a 1031 exchange, or "know" you did something else. When it comes to 1031 exchanges, I'm of no help unfortunately. But as I've pointed out and as I'm sure you can see now, the details and the facts matter. Big time. In a 1031 exchange, the depreciation would have been handle any one of several ways, depending on values of the properties involved in the exchange.
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