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

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sold a property in 2015...
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: 2 years ago.Category: Tax
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2/3/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,025
Experience: 15years with H & R Block. Divisional leader, Instructor
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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!

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