kmz
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Investors & landlords

 
Level 15
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Investors & landlords

Since the property was classified as a rental at the time of sale, you'll report the sale in the Rental & Royalty Income (SCH E) section of the program.

"Property sold at same price as purchase."

Doesn't matter, as you'll still have a taxable gain of 4 1/2 years worth of depreciation which is recaptured and taxed in the year of sale. So in reality you sold at a gain.