TAXMAN Posted March 6, 2015 Report Posted March 6, 2015 I am need of a little guidance here. TP had residential rental property. Bought for 15k took 12k in SL dep. Sold for 90k in 2000 on installment with about 98%GP%. Been getting principle payments of about 4K per year since 2000. Would the dep have been recaptured by now and I would not have any unrecaptured 1250 amount? I did happen to see prior returns back to 05 and do not see an entry on Sch d line 19 for those years. Am I missing something? Quote
jklcpa Posted March 6, 2015 Report Posted March 6, 2015 The 1250 recapture should have been reported in the year of sale, and the GP% and installment gain to be reported over time relates only to the cap gain portion of the sale. The installment portion of the cap gain and the interest income received are reported each year until the note is collected in full. 2 Quote
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