I bought my first rental in May 1992 for $52,500.
I sold it in Dec 2017 for $120,000.
I did a 1031 exchange in Jan 2018 and bought a new rental for $120,000.
I sold that rental in Apr 2024 for $205,000.
For round numbers, lets says the first rental depreciated $50,000 on my taxes over 25 years.
And for round numbers, lets say the second rental depreciated $25,000 on my taxes over 6 years.
I can't find a way to plug both of these into Turbo tax. The trick is getting that first house depreciation incorporated because it is significant.
I bought the 2024 Premier edition hoping it would help get me through this.
I am only worried about Federal taxes.
Thanks for any help,
John
