Oh wow, here I am in 2021, working out how to deal with rental sale taxes and reading a TON of posts. Many of them answered by Carl which gives me a great sense of trust in him "knowing his stuff". So now, in the admitting defeat column, ME! Help! I have practically the same story as @cutegoat but after reading so many other posts I think I have confused the (beep) out of myself.
Using TTax for years to maintain and report taxes for rental. Had house rented since Jan 2012 and renters moved out Nov 30, 2019 no renters for the remainder of that year. I took advice and on 2020 taxes just claimed rental for the entire 2019 tax year, EASY! No renters in 2020 at all, did 23K worth of repairs in 2020, and after repairs put the house on the market in March 2020 with a final sale in May 2020. I have input info in diff ways and currently have house under "Sale of Business property", then I read Cutegoats post.
?? I have read so many posts about sale of the property. Do this under the rental section or Under the "Sale of Business Property section? I know I gotta stop depreciation for recapture but would that be Jan 1 2020 as it it was decided not to rent during repairs and then sell afterwards? This means I convert to personal use but zero days use correct?
My apologies for what will probably seem like a wash, rinse, repeat, post like others but for some reason my brain just can't lock on to exactly what needs to be done-the right way. Help! Bill Mc
