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Reply to "how does cap gains tax work for rental properties?"
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[quote=Anonymous][quote=Anonymous]What does "recapturing" mean? Sorry, I am not a money person. Thanks for your reply. -op[/quote] Hopefully she’s been taking depreciation on them all of these years. If so, she probably has huge losses built up that you can only take when you sell. You cannot take them against ordinary income u til the year of sale, so it would be dumb if she has built in losses to sell them all at once unless she makes millions of dollars since she will lose the tax credit. She really really needs to have her accountant (who should know the basis on each house) figure this out. [/quote]
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