Depreciation on tax returns (rental property)

[Adem Tahiri]

I sold a rental property this year and have to account for depreciation I took in prior years. Which form of my prior years tax returns would have the correct amount that I should account for recapturing now that the house sold in 2016.

p.s. Yes, next year I am going to pay a professional to do my taxes, lol.

[Michael Boyer]

Have you checked Schedule E (depreciation, line 18);of course, there is more to go into your adjusted basis (like capital improvements). I am not sure of the forms or software you or your preparer have been using in the past (or your record keeping process), but you may see a Form 4562 (and maybe a worksheet with it). Sometimes the CPA's can add value on the expertise angle. This topic is one of the more involved and has a few moving parts (I sold one in 2016, too). Best of luck.