Yes. It would be important for you to file in 2020 so that you get y our stimulus payments. They were to be reconciled on the 2020 tax return and it is possible depending on your situation that you did receive them in 2020 from the IRS. TurboTax will walk you through this under the Federal Review tab at the top.
It sounds like you are opening a vacation rental that you may have had on a tax return previously. If that is the case then you should be prepared with the following information.
- Days rented and days used for personal purposes
- Cost used originally (total and the separate amount for land, if applicable)
- Date placed in service in 2020 and date of purchase
- Rental Income
- Rental expenses
- May need the depreciation amount in full that has been used on past returns
The foreclosure sounds like it may be something that will be recorded on the 2021 tax return since you are currently 'in' the process.
- Once you have all of your information you can begin entering the information yourself and ask questions here as you go. One of our experts will be happy to answer.
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