We bought property in Florida in 2001 for future retirement. We put a double wide on the property and rented it for 3-4 years. Then we started vacationing there 2 weeks a year and only rented for short periods, Many years not at all. The last ten years we stopped renting it at all. There was some depreciation involved from when we rented it. The cost of developing the property and putting the mobile on the property was only about 100 thousand dollars and we sold for 230 thousand. Since we initially did some renting, I assume we have to call it a rental vacation home. We owned it for about 22 years. I have always used Turbo Tax in the past. I am uncertain how to use it this year. I need to know if I record it as a rental vacation home, although we converted it ten years before selling, Is it a simple matter of subtracting the cost of the land, the mobile and the improvements (well, septic, etc) from the sale price and pay taxes on that amount? any advice would be appreciated.
