I purchased a rental property 14 years ago. I'm selling the property and depreciated 3.636% each year. In 2005 Hurricane Katrina hit allowing for the Gulf Opportunity Zone to depreciate up to 50% of the property. I cannot recall how much I depreciated and did not keep my taxes returns because I was young and stupid.
I can't obtain tax returns from more than 10 years ago. How do you go about filing the recapture depreciation given I simply can't identify how much I actually depreciated? Do I just use the straight line depreciation?
Thank you for your response. Much appreciated.
so what about the tax returns for 2013-2019, the IRS has transcripts for the last 7 years? How did you do your taxes for the last 15 years? if you used TT, again only the last 7 years would be available, but the cost basis and depreciation history might be contained in one of them. if for some reason no records are available consult a tax pro. you could have other tax issues that would need to be addressed.