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I don't know if this has been discussed but I just wanted to pass on to the forum that it appears depreciation recapture, with regards to selling a rental property, qualifies for the new 20% business tax deduction.
I simulated a sale in Turbotax. Turbotax states that the 20% will be applied to the depreciation recapture but not the capital gain portion of the proceeds from the sale.
Also, it did not matter that I selected I am not a real estate professional. All that matters is that the rental's purpose was for the pursuit of profit. Turbotax gives several examples which include vacation property rentals as well as multiplexes and single family homes.
I simulated a sale in Turbotax. Turbotax states that the 20% will be applied to the depreciation recapture but not the capital gain portion of the proceeds from the sale.
Also, it did not matter that I selected I am not a real estate professional. All that matters is that the rental's purpose was for the pursuit of profit. Turbotax gives several examples which include vacation property rentals as well as multiplexes and single family homes.