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Updated about 4 years ago,
Tax question on selling previous primary residence
Hello All,
My husband and I go back and forth about selling our previous primary residence depending on the market come July 2021. We lived in it for two years and once the current tenants lease is up in June 2021 we may sell. I want to calculate taxes if we were to sell, we meet the primary residence 2 out of 5 years for capital gains.
My question is how do I calculate the depreciation we have to reclaim or recapture? We have an accountant but I want to do it myself to get a rough idea up front as this is on our 2019 taxes. Do I use the depreciation and amortization report and add “Building+furniture & fixtures” which is our total schedule E depreciation and amortization for current year or is there more to it? Any guidance on this is appreciated!
We are cash flowing approximately $500 per month but did have a large expense last year and the home is from the 1920’s. I want to weight out all options.
Thank you in advance!
Jessica