Recapture Of Depreciation

We turned our primary residence into a rental, then after two years sold the place. Now it seems we need to pay taxes on only the depreciation.

Do we use a form 4797 for "Sale of a business property"? Also, can operating losses be used to offset this recaptured depreciation?

Comments(2)

  • blueford5th April, 2005

    Was the sale within 3 years after you moved out?

  • minaw6th April, 2005

    Yes, it was.

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