The depreciation covers 20% of the land value of the house you buy but check your tax bill or your latest appraisal for accurate figures. Also, remember that each real estate's land and building value is different. For example, if you bought a home for $200,000 and the tax bill shows the ground is 20% of the home's value, your depreciation cost basis is 80% of the purchase price, or $160,000. This means $40.000 cannot be made amortization.
You owe less of your current tax base for any depreciation you claim. You don't owe depreciation repurchase tax only if you sell the home for a loss. The market has dropped drastically, and you can't keep the house any longer. You cut your losses and sell as much as you can for less than what you originally paid on it.