Depreciation Deduction And Recapture I bought a rental apartment in January 1981 for $28,500.
I sold it in May 2013.
I have no idea the total amount of depreciation that I may have deducted all those years as I don't have copy of my tax returns prior to 2007.
Also, I didn't deduct depreciation every single year.
I've been informed that regardless whether I had claimed depreciation or not, I still have to report a Depreciation Recapture for the "allowable" amount.
If that is the case, how much Depreciation Recapture should I report?
If I am understanding what I am reading the recapture amount would be equal to the amount I paid for the property. Is that possible?
Please help. This is driving me nuts. |