Depreciated rental condo building (exclusive land) from $86,012 to $60,082. Per Tax statement Current Building value is $128,670. How is the recapture value taxed?

Forum|Forum|5 years ago
March 20, 2021
2 replies
23 views

How do you calculate tax on real estate recapture value?

Lacerte Tax

This topic has been closed for replies.

abctax55

Level 15

huh?

Has the condo SOLD for that $ 128,670?

And I 'm not familiar with this *recapture value* thingy you are referring to.

HumanKind... Be Both

L

LaszloAuthor

Level 3

Selling rental condo for $240,000. Bought it for $114,683. Bought it in 1989, selling in 2021.

1.At what capital tax rate is the gain/profit of $125,317 taxed? Is the gain capital gains?

2. Is the depreciated value considered income? Do you add it to the sale price?

abctax55

Level 15

20% (max rate on capital gains, but beware of impact on other income)

No

And.....

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

HumanKind... Be Both

R

Rigo

Level 2

You continue depreciating the condo building based on its original cost of $86,012, ignoring its property tax assessed value and fair market value.

Sign up

Login with SSO

Let's get you signed in

Login with SSO