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NoClue143
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Calculating Recapture Depreciation with lost Tax Records

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.

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1 Reply
Anonymous
Not applicable

Calculating Recapture Depreciation with lost Tax Records

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. 

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