We purchased a home in 2015 which our daugther's family has been renting. This month they purchased the home from us for $220,000 purchase price with $46000 in gift equity so that put the price down to $174000. We had a Basis for depreciation of $126,619 on 2015 taxes. We have Depreciated $15,155 at this point. We only walked away with $64,254 after prorating taxes and closing cost which we paid the buyers as well as the sellers. And we had a mortgage on the home to pay off. What do I put down for sale price? What can we expense? And do I have to list the land the home is on separate from home in turbo tax as I believe we did that when we bought it because you can't depreciate land from what I understand. We made improvement to property and expense them over the years as well. Do I add back the depreication taken over years to cost basis/ and improvements or does Turbo Tax take that all into account for me?
