Investors & landlords

Yes.  I actually sold my only other rental in 2020.  I entered all of that information and TurboTax did the calculations and brought forward the combined losses from both properties against the gain from the sale.

 

So as of now I think I only need to recapture depreciation and pay tax on the prorated gain from my personal residence that was sold this year (rented 2013-2015).  

 

Based on a previous reply I also need to find a way to fix my error of telling TurboTax that the personal residence had 365 fair rental days from 2018-2020.  I looked back and my accountant actually listed 365 fair rental days on the 2015, 2016 and 2017 returns.  On those returns there is a federal asset worksheet showing the property as "mass out of service" 07/01/2015 with the correct depreciation to that date.  He knew I had moved back into the house.  I guess if I have to correct this mistake even though it gave me no tax advantage I could amend 2018-2020 and ask the accountant to fix 2015-2017.