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- if client sells home with home office does he have to recapture depreciation if no home office the 2 years before sell?
if client sells home with home office does he have to recapture depreciation if no home office the 2 years before sell?
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slssh
Level 1
04-11-2021
12:49 PM
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client has had home office for over 30 years. he is planning to sell his home in 2 years. if he shuts down his home office 2 years before he sells his home does he still have to recapture depreciation of previous home office?
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1 Comment 1
TaxGuyBill
Level 15
04-11-2021
01:35 PM
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Yes, it will be taxable. The gain due to depreciation taken after May 6th, 1997 can NOT be covered by the $250,000/$500,000 exclusion.
