Hal_Al
Level 15

Investors & landlords

I'm of the opinion that it will go smoother if you enter it as a home sale, instead of sale of a rental.

 

In TurboTax (TT), enter at:

- Federal Taxes tab

 - Wages & Income

Scroll down to:

-Less Common Income

     - Sale of Home

 

The interview will ask if you some unqualified use (e.g. rental). Answer no, if the rental occurred after you moved out. In TT, at the page where it asks if you had any other use of the home it says: "Note: if you used your home for reasons other than primary residence, after it was no longer your primary residence, select 'no'.

You will be asked to enter the amount of depreciation you claimed or should have claimed.  You may enter one total number, for all depreciation claimed.  You must recapture (pay tax on ) depreciation even if the rental occurred after you moved out.