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Capital Gains on a depreciated Rental property? How do I calculate this?
Example numbers:
Paid 100k for a house used as a rental
sold for 200k.
depreciated each tax year while renting it from initial value of 75k (for house, not land) down to 25k the year I sold it. (50,000$ depreciation)
How much 'capital gains' is taxable here? how do I add the depreciation 'income' into Turbo tax?
Topics:
‎August 5, 2021
11:35 AM