How does TurboTax calculate income for my condo sale?
- I am 71 yrs old. Wife 61 yrs old
- Both Retired
- Only income is Social Security ($17,000)
- Married filing Joint for past 25 yrs.
- 2013 Bought a condo cash for $240,000
- 2014 Renovated condo for $93,000 cash
- Feb 2015 rented condo.
- Entered renovation expenses $93,000
- New cost basis: $333,000
- April 2018 eviction in progress. No income
- June 2019 eviction complete. No income
- Jan 2020 condo for rent but no takers. No income.
- July 2020 sold condo for $349,000
Using Turbo Tax 2020 I get the following results after the sale:
Total Income: $65,600
Taxable Income: $36,930
Tax Due: $2700
Question: Is it actually possible to end up with anything close to $65,600 income after the sale when the property produced no rent for 1-1/2 years, and cost $93,000 to renovate? Comments welcome. Anybody. Thanks! Mark
