Hi All,
In TT 2023 premier, how do I report a sale of a home? It is not my primary residence or a rental when I sold BUT it was rented for few years before in 2012 to 2016 and I had taken depreciation. The depreciation info is not in TT because then I was not using TT back then.
How do report such a sale? there is a gain for which I need to pay tax and so should I report the sale of this in "investment income" or "sale of business property" (even though it is not a rental now)?
If I report in "investment income" TT doesn't ask for any recapture details. If I enter in business property sale, it does provide options to recapture but it was not a rental when I sold in 2023. Is that ok?
I need to somehow get the form 4797generated so that I can recapture the depreciation that I had claimed earlier so that it can be taxed now.
I am lost. any help appreciated.
