DianeW777
Expert Alumni

Investors & landlords

If you are saying the the transferred information from 2019 carried into your 2020 return incorrectly for your residential home and the land for that home, then you need to use the 2019 depreciation worksheet and correct the asset information with the actual figures used when you originally began the rental activity, which was 2015, according to your statement. 

 

It would be fine to enter 50% of the original cost for both building and land to make a more clear sales process for the 50% rental, including the land. Then change your percentage to 100%. This eliminates the half that does not belong to you or was a personal use portion. 

 

Property Profile  number 4, in your original post you must say 'Yes' it was rented all year (this means the portion of the year that you owned it); and 'Yes' it was rented all year at fair market value.

 

All other information provided should be followed.

 

Once these corrections are made you should see the accurate gain recognized.  Please update if you have more questions.

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