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Get your taxes done using TurboTax
What do you mean "pass on the gain"? Do you mean a section 1031 exchange? That's complicated and I can't help you.
If you want to sell this as personal property and claim the exclusion, you still have to recapture the depreciation. I think the program will do that in the schedule D interview ("sale of stocks and other investments" -- one of the choices is "sale of my home"). But I don't know how Turbotax handles the closeout on schedule E. You need to talk to someone who knows that section of the program better. Let me try paging a couple of people...
‎October 12, 2024
3:37 PM