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Sale of vacation home used also as a short term rental
My husband and I purchased a vacation home (2nd home) 12 years ago, which we have used, but also rented (short-term rental) over the years. The business use of the house changed every year depending on the number of days we used vs rented the house. We sold the property in 2020. Where do we report the sale of the house in Turbotax? I've called the Turbotax experts twice and got 2 different answers. The first person told me to report the sale as an Investment Sale (like the sale of stock). The 2nd person told me to report it under "Sale of Business Property", since I've taken depreciation over the years. Which is correct? As I mentioned, the house was not 100% rental, we also personally used it every year. Thanks!
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May 9, 2021
10:56 PM