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Investors & landlords
You will report this as a sale of your main home: Do this by:
- Go to federal>wages and income>all income
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Less Common Income>Sale of Home (gain or loss)>start
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As you go through the questions, the program will ask if you took depreciation after may 6, 1997.You will answer this because you did rent out your home and this is where you report depreciation taken.
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Since this isn't a rental now, you won't be able to claim those passive losses from previous years because there is no passive income to offset.
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March 12, 2020
11:44 AM