HelenC12
Expert Alumni

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?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post