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You should probably get your taxes done professionally, this year. You have a problem. When you sell a rental property, you are required to "recapture" (pay tax on) depreciation allowed or allowable. That is, you must adjust the gain (or loss) on the sale as if you had claimed deprecation. You may be able the amend up to three years back to add depreciation (2014 must be amended by 4-15-18)
You should probably get your taxes done professionally, this year. You have a problem. When you sell a rental property, you are required to "recapture" (pay tax on) depreciation allowed or allowable. That is, you must adjust the gain (or loss) on the sale as if you had claimed deprecation. You may be able the amend up to three years back to add depreciation (2014 must be amended by 4-15-18)
Under the
depreciation section, the is an asset summary page:
There are several reasons why TurboTax may not have calculated depreciation for your asset. They include:
- the asset may already be fully depreciated
- you may have incorrectly entered the date you acquired the asset
- you may not have entered a cost for the asset
There are numerous screens that deal with the depreciation of a rental property.
Once you have double-checked you answers and entered the information correctly, you will see the screen shot below
To manually calculate:
If you rented the home in 2017, be sure to include the 2017 partial year amount. Except for the first and last years which are partial, you may calculate it as below.
Year 2 though 9=3.636% times the basis. Years 10-26/27 see the table in link below if you want to be exact. Otherwise, continuing with the 3.636% will get you very close.
Year one= see table in the link below.
Last year=3.636 times the number of months held out for rent.
http://www.fkco.com/tax-forms-and-support/macrs-275-year-residential-real-estate-table
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