Taxpayer sales home for $238,500 MFJ return, lived in home for 20 yrs.
Building for business built 1993 for $19000, on property.
Primary residence and building sold 09/29/2014.
Depreciation to date of sale of business/ag building $12700, allocated $20000 of sales price to building.
Gain on Form 4797 $13,700.
On the Sale of Main home worksheet it asks for depreciation taken since 06/05/97 which is the recapture depreciation, which is $10,500.
Thus the 4797 gain is $13700 and depreciation recapture is $10500 on Schedule D. Total cap gain is $24200.
Is this correct? It seems like he is being hit twice for the depreciation amount.
Thanks for any help or assistance.
Building for business built 1993 for $19000, on property.
Primary residence and building sold 09/29/2014.
Depreciation to date of sale of business/ag building $12700, allocated $20000 of sales price to building.
Gain on Form 4797 $13,700.
On the Sale of Main home worksheet it asks for depreciation taken since 06/05/97 which is the recapture depreciation, which is $10,500.
Thus the 4797 gain is $13700 and depreciation recapture is $10500 on Schedule D. Total cap gain is $24200.
Is this correct? It seems like he is being hit twice for the depreciation amount.
Thanks for any help or assistance.
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