I bought a rental property in 2001 for about $68k. Over the years I have claimed about $2800 per year in depreciation on my income taxes. I sold the property in 2015 for about $96k but not before putting in about $30k that year for various repairs. Is seems that I will owe the IRS about $10k for depreciation recapture. Does this sound right? Is there any way to avoid this?
Is there any way to avoid depreciation recapture?
- Posted:
- 3+ months ago by xtinagard...
- Topics:
- rental, property, taxes
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