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No; not exactly.
Your report $600 - $250 cost - improvements = capital gain. You enter the depreciation taken (recapture) separately (you will be asked for it in the interview). The depreciation recapture is a section 1250 gain and is taxed differently.
No; not exactly.
Your report $600 - $250 cost - improvements = capital gain. You enter the depreciation taken (recapture) separately (you will be asked for it in the interview). The depreciation recapture is a section 1250 gain and is taxed differently.
Yes. The following link provides a detailed explanation about Calculating Your Profit When Selling Your Rental Property
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