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Mike60
Returning Member

Depreciation Recapture

In the section that deals with the sale of a home, there's one question relating to depreciation to calculate the adjusted cost basis, and then a subsequent question where it asks for depreciation after 5/6/1997. For me, there's a big different in figures.  Am I able to exclude allowed depreciation that was taken pre-5/7/1997?  If not, why does TurboTax ask for that?

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1 Reply
Anonymous
Not applicable

Depreciation Recapture

at one time - property placed in service before that date had a different life for regular tax and alternative minimum tax purposes.  the depreciation is still recaptured just that the amount is different for regular and AMT tax computation purposes.  

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