@rpetrossian wrote:
I have listed the sale income on both the personal income side (total sales price)
For the personal side, you would only enter 1/2 if you only lived in 1/2.
@rpetrossian wrote:
after I get the $250,000 deduction on my personal side
Did you live in the half for the entire 19 years? If not, then you MIGHT be paying tax on PART of the personal gain. If it was rented after 2008 and then you later made it your Principal Resident, only PART of the gain can be excluded.
@rpetrossian wrote:
TurboTax calculated depreciation for the rental side at $106,000,
The gain based on that $106,000 is taxed at your regular tax return, up to 25%.
That income may also be subject to the 3.8% Net Investment Income Tax.
Also, that 'extra' income could cause some deductions or credits to be reduced or eliminated.
