TA8
Level 1
06-11-2021
04:22 PM
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Sale of rental depreciation recapture.
I have entered all the sales information in the depreciation screen. I have this message in the diagnostics tab for 6 of my depreciable items: "The tax program does not support the Section 1250 recapture calculation for this asset. Manually calculate the amount and enter the result in the field "1=recapture excess over SL, 2=recapture all, 3=no recapture (or enter recapture amount)" I entered a 1 and it doesn't do anything. How do I calculate this amount?
The items were depreciated using MACRS 7 yr, 10 yr and 15 yr depreciation. Most of them have been fully depreciated.
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