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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 1250 Unrecaptured Section Gain 25%
1250 Unrecaptured Section Gain 25%
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Bessy
Level 2
04-04-2023
04:18 PM
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Hello,
Client has a depreciation recapture on which a tax of 25% is due for the sale of rental property. However, Schedule D Tax Worksheet in ProSeries is calculating a 'zero" tax on line 40. What do I need to do in ProSeries to have it calculate the 25% tax on depreciation recapture/.
Thank you very much.
Bessy
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TaxGuyBill
Level 15
04-04-2023
05:14 PM
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It is not automatically taxed at 25%, so zero might be correct on line 40.
It is taxed at ordinary rates, UP TO 25%. I think lines 35-39 on that worksheet determine if the 'up to' part has been filled up (based on the rest of the worksheet).
