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I’m trying to
complete a tax return that has a property sale. The property was a rental
property for a number of years. In later years it has simply sat because they
couldn’t find tenants that could afford or that they were happy with. They
basically took the condo off the market and it sat while they tried to sell it.
During those years it was not further depreciated. Now the property has sold.
It has sold at a loss so I have depreciation to recapture. I understand the
recapture is at 25% and that I can add my recapture back to basis but I’m
having trouble figuring out how to add the 25% recapture. I have read everything
available as to ProSeries and I still can’t get the process to work properly.
How do I report the additional tax? My depreciation recapture is approximately $25K. At 25% that would create an additional tax of $8500. I can't get the program to calculate/show this tax. What am I doing wrong?
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