Since it was not rented in 2019, you will enter it in Sale of Business Property. Keep your depreciation amount from your 2018 return to recapture. Your rental property was not a Business in the sense that you needed to use a Business program. Premier handles rental property.
You also see to be eligible to exclude a portion of the gain. If you lived in the home for 2 out of 5 years before the date of sale, you qualify for an exclusion.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
- You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
- You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
- You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.
Your condo would also be entered separately, in the same section.
