Young-TP
Level 3
04-01-2023
09:31 PM
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Is the depreciation taken reported on the home sales worksheet? I cannot link it to the asset entry worksheet because it shows a loss on the home sale worksheet. I understand there is no depreciation recapture if the asset sells for a loss, but the asset entry still shows taxable depreciation recapture.
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TaxGuyBill
Level 15
04-02-2023
02:20 PM
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Most of the discussion is on this thread:
The depreciation lowers your Basis. So if it sold for more than the Adjusted Basis, you have a gain. So yes, the depreciation is entered on the Home Sale worksheet and yes, gain due to the depreciation is taxable.
