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Get your taxes done using TurboTax
I want to do the easiest thing possible. At this point, I just want to be done with this property and all of the paperwork associated with it and don't care about trying to recoup the last dollar of tax write-off.
So if I report this as a sale of a vacation home, even adding back the depreciation, there's still no way we have any profits. Can I do that and just be done with it? So I'd follow the instructions for sale of a second home and just answer "no" when it asks me if it ever was a rental property?
I do have another rental property, so I could use my passive-activity losses against that passive-activity income, but is that legitimate once the property has sold if I'm not reporting it under sale of business property?
March 18, 2020
4:47 PM