My wife and I purchased a house in NJ in Feb 2007 for $407,000. It was our primary residence since then (Feb 2007) until May 2013, when we converted it to a rental property since we bought a new primary property in April 2013 (also in NJ). In May 2013, the FMV of the NJ property (now rental) had depreciated to $320,000. We had been renting the property from May 2013 until November 2021 when we sold the now-rental property for $515,000.
I've received a 1099-S from the sale of the rental property and the house is listed as "Other property". Could someone please guide me step-by-step on how to mark the property as sold in TurboTax and how to report the capital gains on the property?
Highly appreciate your help on this. Thank you!!!
