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I sold my house in April, 2024 and had used the office in the home deduction for 18 years. I reinvested in a co-op which cost much less than my home sold. I have read on some tax blogs that depreciation recapture can be avoided and used as part of the sale of home $250,000 exclusion. The software is recapturing the depreciation taken for 18 years including a full year's depreciation for 2024.
Your thoughts are appreciated.
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Unfortunately, reading some tax blogs can be as reliable as asking the neighborhood barber for tax advice. If you are selling for a gain, the recapture rules are going to kick in.
Slava Ukraini!
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"The software is recapturing the depreciation taken"
Which software is this?
You posted in a section for making recommendations to Intuit for when you used their Tax Advisor (a Planner tool).
Maybe you're lost on the internet.
Don't yell at us; we're volunteers
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Sorry about that.
