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Condo was rental 4 yrs, then primary 4 yrs, then rental 6 month. sold 11/2018. Property sold at same price as purchase. How to report in 2018 TT
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June 24, 2019
10:24 AM
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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.
July 14, 2019
7:31 AM