Bought home for 759,000, lived in 6 yrs., then rented home 2011- 2017. Selling in March '18 for 635,000 (at loss). Is this complete capital loss? Any income taxes due?

 
Coleen3
Intuit Alumni

Deductions & credits

You can't assume it is a loss until you factor back in the depreciation you took. You will have to recapture it and it is taxed as ordinary income. The capital loss on the figures you showed above is valid apart from depreciation.

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Deductions & credits

Thanks TurboTaxColeen.  Where do I find the total depreciation we took while it was rented.  (We used turbo tax) where do I go to find this information in my tax returns?
Coleen3
Intuit Alumni

Deductions & credits

Did you rent in 2017?

Deductions & credits

Rented out from Jan - May 31 2017.  On market (not rented) from June 01, 2017- until present March 2018.

Deductions & credits

actually, on market June 08-March 2019

Deductions & credits

Sorry, June 08-March 2018

Deductions & credits

2019?

Deductions & credits

Haven't you been claiming this rental each year since 2011?

Deductions & credits

Yes it has been reported as a rental from 2011-May 31 2017
Coleen3
Intuit Alumni

Deductions & credits

I will post a screen shot in the original post. This will tell you the amount of depreciation in PRIOR years. You will always have to add the current year to that amount. So, for 2017 take the amount of Line 18, Schedule E and add it to the amount. Since you will have no more depreciation before the sale, you will not have to do this for 2018. You will have to enter the sale in Sale of Rental Property, since it won't be rented in 2018.

Deductions & credits

Thanks Coleen, I have 0 listed on line 18 of Sched. E of our 2017 tax return.   I am sorry, but I still do not know how to find the amount of depreciation in prior years.  How do I find that in turbo tax records?
Coleen3
Intuit Alumni

Deductions & credits

It is found in the Asset/Depreciation part of the Rental interview.

Deductions & credits

How do I get to this rental interview?  I am in my completed 2017 return and have entered "depreciation" and "asset depreciation" and cannot get anything.
Coleen3
Intuit Alumni

Deductions & credits

If you printed your return there should also be a depreciation worksheet with the total including 2017.