best tax software for real estate

[frank]

I have an offer on my house and need to figure the amount of and how to calculate recapture of depreciation and exclusion amount from capital gains. this is my primary residence with a rental on the same property. the property has not been subdivided or split. I have depreciated the rental unit for a few years and need to know what my tax liability would be if I sold. I have owned the actual property as my primary residence for 40 years. anyone with experience that could recommend a software that would cover this situation? thanks in advance.

frank

 

[frank]

no suggestions?

 

[cathy63]

It might take more than an hour to get a response, especially when you ask in what's still the middle of the night for a lot of us.

You can do this with any software that handles Cap Gains. TurboTax Premier would do it. You're going to need to know how much depreciation you took, so have your last tax return handy. You could also figure it out by using the worksheets in IRS Pub 523.

 

[NgineER]

I see the complications of your tax situation with this ADU. How is it valued when selling it, and how much value does it add to your home.

If you have the value of it I believe it would be pretty straightforward using just Turbotax premier. But I think your valuation is key here, so you might be able to use that to your advantage.

I have not sold nay of our rental properties, and I don't have an ADU on my property that we are renting out, but I have considered building an ADU, but never considered the depreciation recapture situation.

 

[Souschef]

When I sold my rental, I used TT Premier. It has a place for depreciation recapture. You have to add up all the depreciation you took and enter it.