DaveF1006
Expert Alumni

Investors & landlords

You cannot claim depreciation,indexation, or taper relief as cost adjustments. in fact, if you rented out the property, the depreciation that has incurred since the rental would need to be recaptured and would add to the ordinary gains on the sale of the house.  Also, if you incurred the loss from a sale of a property in 2015, that would have needed to be reported in a 2015 tax return. You would not be able to claim it in the current tax year. The only thing you can claim against the sale of the house are the settlement costs (selling expenses) that incurred at the time of the sale and the expenses that incurred when the bought the house. That will be addressed in the program.

 

Please review this Turbo Tax link for further information on the type of selling expenses that can be claimed. 

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