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Get your taxes done using TurboTax
You don't need form 1099-S to enter the sale of your properties.
You'll need to report the co-op as sale of a second home since it was not your primary residence. You'll also have to enter the depreciation you took when it was a rental and you may be taxed on it. Depreciation Recapture is generally taxed in the year of sale. You may have to pay 25% on your depreciation recapture. See IRS Publication 544 Chapter 3 Depreciation Recapture, page 27.
See Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?
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‎January 26, 2022
10:49 AM
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