AmyC
Expert Alumni

Investors & landlords

For the basis of the property it is price paid plus improvements minus depreciation plus selling expenses. Make sure the plus and minus parts are right!

 

The 1099S is the sales price.

 

When you deduct the depreciation for each year with no sec 179 depreciation or special bonus depreciation, then you do not have to worry about recapture. If you wrote off depreciation that was supposed to have existed in the future, then you would need to recapture.  You stopped renting in 2014 and any recapture should have been done then when you converted it to personal use. If not, then it should be done now.

 

That does leave you a big capital gain on your tax return. The federal AGI flows into OR and you should have tax. Something is not right.

 

See How do I preview my TurboTax Online return before filing? This lets you get the basics of the federal and state. You should see the capital gain on your return. If you have paid for your return, you can see all the forms. 

 

 

@cottagecharm11

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