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A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. Some tax-free educational assistance received after 2023 may be treated as a refund. See Tax-free educational assistance, earlier.
- About Publication 970, Tax Benefits for Education
All Publication 970 Revisions. Low Income Taxpayer Clinic....
- Publication 946
This publication explains how you can recover the cost of...
- About Publication 970, Tax Benefits for Education
You made certain permanent improvements at a cost of $20,000 and deducted depreciation totaling $10,000. You sold the building for $100,000 plus property having a fair market value of $20,000. The buyer assumed your real estate taxes of $3,000 and a mortgage of $17,000 on the building.
Depreciation recapture allows the IRS to collect taxes on financial gains earned from asset sales. This is how it works and the rules you need to follow.
This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)).
20 Ιουλ 2023 · 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 their taxable income.
25 Ιαν 2023 · Depreciation recapture is the IRS' way of recouping taxes from deductions you made for the depreciation of an asset that you sell. Depreciation recapture can have a big impact on the sale of residential real estate property. Generally speaking, the depreciation recapture tax rate is 25%.
2 Ιαν 2024 · Depreciation recapture is the process by which the IRS reclaims tax benefits previously obtained through depreciation when an investor sells a depreciable asset for more than its depreciated value. This excess amount is typically taxed as ordinary income.
