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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15601
Experience:  15years with H & R Block. Divisional leader, Instructor
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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: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


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.

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