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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15739
Experience:  15years with H & R Block. Divisional leader, Instructor
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How do handle depreciation house I flipped. JA: The

Customer Question

How do handle depreciation for a house I flipped.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: ibought a house in aug, 2013 and sold it in oct 2104.
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Customer: no
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Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
HelloUnless you rented the house while waiting to sell you do not claim depreciation. If you did rent the house out during the holding period you are allowed to claim the partial depreciation in the year it was used for income (rental).When you sell you have to recapture depreciation and pay tax at regular rate on that portion and not capital gain rate.If you only purchased, improved, and then sold there would not be depreciation. If you purchased, used for rental, then sold, you use form 4797 to report the sell and recapture the depreciation claimed for rental.