Does anyone know how to get TurboTax to properly calculate taxes for majority capital gains on sale of rental property at 20% instead of based on ordinary income?
Does anyone know how to get TurboTax to properly calculate taxes for majority capital gains on sale of rental property at 20% instead of based on ordinary income?
If you have Depreciation Recapture (which if you have any gain, you have Depreciation Recapture) that is Ordinary Income. After that, any profit would be Capital Gain.