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Investors & landlords
Since you did rent the property in 2020, enter all your Rental Income/Expenses as usual. Indicate that you 'converted the property to personal use' in 2020.
In 2021, report the sale as 'Sale of Business Property'. Add major improvements to the Cost Basis, lesser costs could be considered 'Sales Expenses'. It has the same net effect either way, so don't worry about separating your costs incorrectly.
The sale of business property generates a capital gain or loss.
Click this link for more info on Sale of Business Property.
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March 11, 2021
10:46 AM