@deblemint wrote:
convert to a two-family, and rent out one of the apartments.
So does that mean you were planning to use the other one as your home? Did you actually use it as your home?
@deblemint wrote:
Since I purchased the property with an investment loan I can't claim it as my principal residence.
The loan has nothing to do with claiming it as your Principal Residence. WAS it your Principal Residence? If so, why did you move (in some situations, you may be able to exclude the gain)?
@deblemint wrote:
I've entered the sale in the business section
In the business section? You have not indicated anything that would have you enter it in the business section. Unless you have an ongoing business of buying, renovating and selling houses, entering it in the business section is probably wrong.
