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- Under recapture rules, ordinary income12345:
- Depreciation recapture on real estate property is not taxed as ordinary income if straight-line depreciation was used.
- The gain treated as ordinary income by §1245 is the amount by which the lower of the property’s amount realized or recomputed basis exceeds the property’s adjusted basis.
- Excess depreciation claimed over straight-line depreciation is recaptured as ordinary income.
- The ordinary income tax rate is typically applied to depreciation recapture on most properties.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.This rule states that the depreciation recapture on real estate property is not taxed as ordinary income as long as a straight-line depreciation was used over the life of the property. So part of the gain beyond the original cost basis would be taxed as a capital gain but the part that relates to depreciation is taxed at the 1250 rule rate.smartasset.com/taxes/depreciation-recaptureThe gain treated as ordinary income by §1245 is the amount by which the lower of the property’s (1) amount realized or fair market value (depending on the type of disposition), or (2) recomputed basis (i.e., the property’s basis plus all amounts allowed for depreciation) exceeds the property’s adjusted basis.pro.bloombergtax.com/portfolio/depreciation-recapt…The excess of depreciation claimed over straight-line depreciation is recaptured as ordinary income, and thus taxed at ordinary income rates (but the amount of excess depreciation subject to recapture may be less for certain residential real estate or for real estate acquired before 1970).www2.1031dst.com/insights/daniel-raupp/understa…The ordinary income tax rate is typically applied to depreciation recapture on most properties. This rate can be as high as 37%, depending on the taxpayer's income bracket. It applies to the portion of the gain on the sale of a depreciated asset that's equivalent to the amount of depreciation claimed or claimable.www.financestrategists.com/tax/tax-planning/depre…Key Takeaways
- Depreciation recapture is a tax provision that allows the IRS to collect taxes on any profitable sale of an asset that the taxpayer had used to previously offset taxable income.
www.investopedia.com/terms/d/depreciationrecapt… - People also ask
Depreciation Recapture: Definition, Calculation, and Examples
Depreciation recapture is the gain realized by the sale of depreciable capital property that must be reported as ordinary income for tax purposes. Learn how to calculate depreciation recapture for different types of assets and how it affects your tax rate. See more
Depreciation recapture is the gain realized by the sale of depreciable capital property that must be reported as ordinary income for tax purposes. Depreciation recapture is assessed when the … See more
Companies account for wear and tear on property, plant, and equipment through depreciation. Depreciation divides the cost associated with the use of an asset over a number of years. The IRS publishes specific depreciation schedules for different classes of … See more
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