Maria owns a rental property that she has been depreciating using Form 4562. She is...
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Maria owns a rental property that she has been depreciating using Form She is considering selling the property and converting it to her primary residence. How might the depreciation deductions she claimed on the rental property affect her tax situation when she sells it There is no impact on Maria's taxes since she is converting the property to a primary residence A portion of the depreciation claimed may be subject to recapture as ordinary income, reducing the benefit of the Section exclusion Depreciation does not affect the original basis of the property and her profit is what she sells is for minus the amount she paid for it The depreciation deductions will lower her capital gains tax liability when she sells
Maria owns a rental property that she has been depreciating using Form She is considering selling the property and converting it to her primary residence. How might the depreciation deductions she claimed on the rental property affect her tax situation when she sells it
There is no impact on Maria's taxes since she is converting the property to a primary residence
A portion of the depreciation claimed may be subject to recapture as ordinary income, reducing the benefit of the Section exclusion
Depreciation does not affect the original basis of the property and her profit is what she sells is for minus the amount she paid for it
The depreciation deductions will lower her capital gains tax liability when she sells
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