I sold my 2nd home that I renting out on 05/10/2022. I did not live in the home 2 of the 5 years. So I don't believe I qualify for the $250K exclusion, correct?
Also, when I enter the 1099S on Schedule D and Form 4562 Amortization and Depreciation I'm being taxed twice. Should I not report the depreciation for 2022 since this was the year of the sale of property?
The home cost was $200K and I sold it for $400K = $200K capital gains I have to pay.
So why is the sale being reported as gains on Form 4797 and Sch D which results in being double taxed?
Thank you!
