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Get your taxes done using TurboTax
Yes, you must report it as a business sale since it is not your primary residence and you have used it as a rental in the past. This will take care of the gain appropriately on your tax return.
- Wages & Income at the top
- Scroll down to Other Business Situations
- Select Sale of Business Property
- Select Sales of business or rental property that you haven't already reported.
- Answer 'Yes' to Do all of the following apply...?
- Enter your sales information, do not make an entry for depreciation (no zeros)
- Description of the Property (Second Home/Previous Rental Home)
- Sales Price/Sales Expenses
- Date acquired and date sold
- Sales Price
- Cost
- Depreciation
- @tax_user_sb
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March 27, 2024
6:45 AM
3,362 Views