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DIYTtax4years
March 20, 2022
Question

Selling a rental property turned primary residence. Lived there for 7 years out of 15 years ownership.Does exclusion 500K(joint filers) apply to depreciation recapture?

  • March 20, 2022
  • 1 reply
  • 0 views
Or is the depreciation recapture separate?
Bought prop at 283K sold for 466K. Took 8 years of depreciation on property.

1 reply

ColeenD3
ColeenD3
March 20, 2022

No, the exclusion does not apply to depreciation. You must recapture it and it is taxable.

 

The time that it was a rental property, it was not your "home".

Critter-3
Critter-3
March 20, 2022

Was it a rental when you sold it ?  If not then you will not use any of the Sch E section for the sale ... only the personal residence section of the program and the depreciation MUST be recaptured ... it cannot be excluded. 

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