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Level 1

Question

cap gain Q

Forum|Forum|4 years ago
March 9, 2022
1 reply
1 view

we bought a house as a primary residence in1997, lived in it for 6 years. then turned it to a rental property., up to the time we sold it in Jan 2021, how is the gain calculated?

How is depreciation recapture calculated?

Level 15

The depreciation is recaptured (becomes taxable) at the entire amount that you took over the years. In general, it is taxed at 25%. Any amount that you sold over and above the purchase price (depreciation apart) is a capital gain and is taxed at a rate according to your AGI.