Just want to be sure I've got this clear.
In 2002 we purchased a house for our son and his family to live in. He paid us a moderate amount of rent, but it did not cover the mortgage, insurance and taxes so there was never any gain. In 2008, he stopped paying rent but continued to live there until 2019. I sold it in 2020.
While we owned it, we made several improvements (furnace, windows, foundation work)
We have never used it in any way on our tax return. We have never "made" any money on it, but also, have never claimed any kind of a loss. We did include the taxes paid on the tax returns.
How do I treat it on the return this year now that it's sold?
