Tax Year Prior to 2020: rental house depreciation recapture
I sold our two rental house in 2017, and didn't claim the depreciation in the previous years. I know it should recapture when I sold them, turbo tax asks the amount taken in prior years, do I enter 0? or enter amount I should have taken? thanks.
Tax Year Prior to 2020: rental house depreciation recapture
You would enter the amount you should have taken. I also suggest you file Form 3115: Application for Change in Accounting Method to try to recoup the past depreciation not taken. Please read more about it at this link.
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