How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13344
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

Sold a property in 2015. My accountant tells me the profit

Customer Question

sold a property in 2015. My accountant tells me the profit becomes simple income for 2015 which places me in the 25% bracket and that I must recapture all the depreciation, 8years-approx $65,000, immediately. When added to the state of NH fees, business profits tax, it is a sizable amount of money. Just wondered if there were options, payment plans etc. I paid $220,000 and sold for $281,500.
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Hello

Your accountant is correct that the recapture of the depreciation claimed is required when you sell and receive more than you have in cost of the property (gain). The recapture amount is ordinary income.

There are payment options.

If you're financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement.

Form 9465, Installment Agreement Request

You can also request to pay NH by installments.

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

Related Tax Questions