Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
How are you today?
fine. thank you
Unfortunately, when you sell property that you have depreciated, if it is sold at a gain you will have to recapture depreciation at a rate of 25%
As you stated, it's a section 1250 gain
What if you generally operated at a loss (including depreciation and interest)? We have carry forward losses of about $80,000
That loss would offset any of your gain, so if you had gain after deducting those losses then that would be recaptured
OK, that's what I thought. Thank you
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