In 2020 we sold a rental property that we occasionally used for personal purposes. Turbotax is asking for the business portion of the sale price and sale expenses both for the asset (improvement-house) and land. How do we figure these numbers for our situation which is as follows: 100% business use (rented) for 2007-2013, 0% business use for 2014 (it was vacant, we did repairs, and not claimed on our return for that year), 2015 (58%
business use), 2016 (82% business) ..the 2015 and 2016 percentages were from FMV rental/personal use....Not claimed on 2017 return, brought back in to 2018, 2019 and 2020 at 100% rental use each year then sold in late 2020. So overall predominantly rented with a little personal use. We sold it for about the same as we bought it for, there would actually be a loss except for the basis being reduced by depreciation taken so there will actually be a taxable gain on the sale. Can we just assume that business portion of sale price and selling expenses are 100%? If not what is the idea for apportioning Business percentage for the sale? We had no appraisals or indication of property value fluctuations for the two years not filed as rental property. The only records would be property tax assessments for each year which kept gradually increasing. thanks
