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Returning Member
posted Aug 5, 2021 11:35:57 AM

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?

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1 Replies
Level 5
Oct 25, 2021 8:12:01 AM

Please check Rental Income Centre for detailed instructions on how to enter expenses (including CCA) for a rental property using TurboTax.

 

There are some discussions regarding rental property disposition that you may be interested to look at:

Where do I record a deemed disposition of my rental property and also to where to enter recapture of...

Dos and Don’ts: CCA for Rental Property Explained

 

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