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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3126
Experience:  IRS licensed Enrolled Agent and tax instructor
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I bought 7 unit apartment in 2003 and I have total

Customer Question

I bought 7 unit apartment in 2003 for 350000 and I have total of 125000 for depreciation.
I am selling this as installment sales for 500000 with 100000 down 400000 6% interest 30yr payment.
About recapturing 125000 depreciation;
Do I have to take whole 125000 as ordinary income this yr?
Or can I divide this into as installment sale rate?
Submitted: 2 years ago.
Category: Tax
Expert:  emc011075 replied 2 years ago.
Hi. My name is ***** ***** I will be happy to help you.
Depreciation recapture has to be claimed in the year of the sale, regardless if the property is sold on installment or strait sale.
I am sorry I know it is not the answer your hoped for. Let me know if you have any questions.
Expert:  emc011075 replied 2 years ago.
I see you read my respond. Any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.