I rented my condo 13 yrs ago and took some depreciation on my income tax return. Now I am selling the condo. Do you know how far back the IRS looks for depreciation?
- posted
13 years ago
Depreciation
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- posted
13 years ago
From the day you bought it, and then put it into service as a rental. When you sell it, the recaptured depreciation has a favorable tax rate, but all the numbers have to add up.
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13 years ago
What is the favorable tax rate?
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13 years ago
A maximum of 25% (or your regular marginal rate, if lower) on capital gains of this type.