- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Where do I enter the 2020 sale of a second home that was rented as a vacation home in 2003-2004?
We sold our second home in 2020 for a net gain. We built the home in 2003, and in 2003 - 2004 the house was briefly in a vacation rental program, therefore having some depreciation taken (separate amounts for contents and the building). Since then it has only been used for personal use, not for business. I am unclear whether I need to enter the sale under investment income - in which case I don't know how to recapture the depreciation, or under the Sale of Business Property. Also, I assume we only need to recapture the depreciation on the building and not on the contents. I am using TurboTax Premier. Any advice would be much appreciated!
Topics:
‎February 25, 2021
1:22 PM