DianeW777
Expert Alumni

Get your taxes done using TurboTax

There will be some taxable gain strictly based on the depreciation used during the rental period.  The following steps will help with the sale of home and rental property.  Be prepared with the total days you lived in the home and the total days it was a rental.

 

  1. Search (upper right) Type rentals > Click the Jump to ... link > Edit beside your rental > Edit beside the home asset(s).
  2. Say 'No' to 'Special Handling'. TurboTax will stop the depreciation at the appropriate month.  
  3. When you get to the 'Home Sale' screen answer 'Yes'.
  4. Answer 'No' it was not a separate dwelling
  5. Answer 'Yes' to 'Do you want to report the sale of this asset on the Home Sale Worksheet for your home sold?'
  6. Continue to answer the questions about sales price and sales expenses, and Time lived in the home
  7. Answer the number of days it was used for rental purposes 
  8. Complete this for each asset that is part of the rental property taking note of all depreciation and cost basis for each asset (if there are more than just the home and land).

                                                          

@FromHItoDrhm 

 

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