Hi Kris,
I've carried over the years of loss and will claim them. I had not been claiming the depreciation since I've never noticed anything that even mentioned listing the home as an business asset once it became a rental and Turbtax never found errors. We're not borning knowning these things.
All of the numbers I gave are after I've already entered the "Sale of Property / Depreciation" information and reported the sale. I'm confused on where to report the actually selling price because there doesn't appear to be a way to do that in this section. As mentioned, different people have reported different things. Some people said to do it under "Sale of Business Property" and that seems incorrect if I'm already reporting sale in this section. Others said to say "no" to "special handling" in the "Sale of Property / Depreciation" section and go with the "Home Sale". But according to what I see under "special handling", you should check "yes" on rentals. So I checked yes and it tells me the depreciation deduction for 2021 will be transferred to the correct form. But now where do I report the selling price?
What's the correct answer here for me to be able to add the selling price for the home so it can figure this out properly. If I say yes to special handling and I'm not asked for the selling price, the totals of my federal and state refund us about $13,900. If I try to add the selling price by following what some people have said about listing under "Sale of Business Property", now I owe a fortune and the same thing happens if I say no to special handling and try adding the selling price there. When I run the review, all of these options say there are no errors$%$@!? Which road am I supposed to be taking?
Turbotax has already calculated my loss, but has it been applied already or is that going to factor in later once this is straight?
@KrisD15
