Recapture of depreciation

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Bonnie
    Senior Member
    • Jan 2007
    • 568

    #1

    Recapture of depreciation

    Taxpayer has claimed Office in Home and now has sold the home in 2010. I know he has to recapture the depreciation taken on the home. But not sure where this needs to be claimed. I'm thinking it's not Sale of Business Property, but trying to decide where to claim this.
  • solomon
    Senior Member
    • Aug 2006
    • 1012

    #2
    Originally posted by Bonnie
    Taxpayer has claimed Office in Home and now has sold the home in 2010. I know he has to recapture the depreciation taken on the home. But not sure where this needs to be claimed. I'm thinking it's not Sale of Business Property, but trying to decide where to claim this.
    The home sale is reported on Schedule D and the unrecaptured 1250 gain reduces the basis of the home. In other words, the unrecaptured 1250 gain does not receive ยง121 exclusion.

    Comment

    • taxmom34
      Senior Member
      • Nov 2008
      • 732

      #3
      i always thought that the office in home depreciation would be used to reduce the basis of the home.

      Comment

      Working...