I sold my primary residence in 2022, read all of the exclusion rules, and I qualify to excluding the profit from my taxable income. Despite being well under the threshold for needing to report the sell, I must report the sale on my taxes due to the following conditions:
- The sale was part of a relocation, so I received a 1099-S
- I took the Business Use of Home deduction on a few years that I owned the home
I'm using the "Adjusted Cost Basis EasyGuide" and have several questions:
- Where exactly can I get the "Depreciation Taken on This Home" amounts from my previous returns?
- Assuming that the answer to #1 is "Depreciation allowable," the last line of part III on Form 8829 (line 41 in 2017 or line 42 in 2020), if that is the same amount as the form's last line, "Excess casualty losses and depreciation" (line 43 in 2017 or line 44 in 2020), does that mean the depreciation deduction was $0 for that year?
- In years where I received a K-1 and therefore did not file a Schedule C or Form 8829, would the depreciation deduction was $0 for those years?
- Four screens after I've reached the "Adjusted Cost Basis EasyGuide Results," there is a "Depreciation After May 6, 1997" screen that asks for the "total amount of depreciation you deducted (or were allowed to deduct) after May 6, 1997. [. . .] Note: Only report here depreciation that was NOT reported as a separate business sale." Do I need to enter the same amount as I'd entered on the home business screen or leave it blank?
I'd really appreciate any help I can get on the above 4 questions; I've spent hours searching the internet and TT Community and have not found the answers. Thank you in advance!
