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Contributor

03/18/10 1:57pm PDT
Viewed by asker 12/18/10 10:47am PST

Recapture of depreciation after foreclosure AFTER bankruptcy!

Separated husband and wife, divorce bound. 2 rental properties in past years' joint returns, both foreclosed upon and then discharged in BK in 2009.

They are each filing HofH. I have no 1099Cs. I need to show the disposal of the rental properties but I'm not sure how. And what about the depreciation that has been claimed (one has over $20K). Should I show them as "sold" using the foreclosure dates and the FMV as the sale price so that I can recapture the depreciation? Does the depreciation get the same treatment as the rest of the asset in BK? I don't think so but I'm just not sure.

If I do have to recapture the depreciation, then I suppose I need to back off 1/2 and show 1/2 going to the other person (show his SS#?)

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Contributor

12/17/10 11:43am PST

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Your clients didn't sell them. They were sold by the bankruptcy estate and if there was any taxable income (recapture) associated with it the bankruptcy trustee would report it on the fiduciary return for the BK estate. You shouldn't get 1099Cs but if you do they aren't taxable under IRC 108 if the debts were discharged in BK.

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