Multi-Family Syndication & Tax Depreciation

[Scott Blackwill]

Can someone explain to me how tax depreciation works as an LP? At what point do I actually pay taxes on my capital gains? Is it really just deferment and at some point I'll have to pay on all of it?  Seems like a too good to be true scenario. Doesn't the gov eventually recapture that year 1 depreciation because the sale of these properties is done fairly early (5 - 7 years)?  Layman's terms please!  I'm trying to explain to others why it's a great thing but I don't quite understand it yet myself.  Thanks!