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Get your taxes done using TurboTax
1. When you enter sale of a main home, you will indicate that it was used for business purposes.
2. You will enter the depreciation taken when the program asks
3. Since no depreciation was taken for those 2 years, there is nothing to recapture.
4. You will enter the full amount of the income from the sale on the 1116. Since the foreign tax credit is based on percentage of foreign income, you want the full income along with the tax paid.
5. You already claimed maintenance while it was a rental, you can't claim it again.
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March 25, 2024
4:22 PM
2,539 Views