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Deductions & credits
Your Home Sale Exclusion will exclude the gain on your home sale.
However, you may be taxed on Recaptured Depreciation for your Home Office.
If you used the regular method, the next thing to do is look for Form 8829 (Expenses for Business Use of Your Home). The line numbers may have changed over the years, but you will be looking for Depreciation allowable. Once you get that number for each year, add it up, and that will be the amount of depreciation deductions you took for your home office.
TurboTax asks for that amount when you report that part of the home you sold was used as a Home Office in the 'Home Sale' section.
Click this link for detailed info on Home Office Depreciation.
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March 9, 2023
3:48 PM