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Investors & landlords
I hope that this thread is not too old for me to gain a bit more clarity: When I take TaxGuyBill's advice and report my home sale while in TurboTax's rental section, the software does not generate a Form 4797. In his initial comment ("It was a rental when it was sold, so the sale belongs on Form 4797.") he suggests that Form 4797 is unnecessary whenever a house is a residence when sold. So just to be sure, let me apply this to my situation: I qualify for a partial exclusion in the sale of my house despite nonqualified use (by a tenant) that ended in May 2018. The house was my residence from June 1, 2018, until it was sold on November 19, 2018. Am I correct in concluding that I am NOT required to file a Form 4797 with my 2018 federal tax return?
‎June 6, 2019
6:25 AM