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Investors & landlords
Since the home was not rented and was 100% personal use in 2021, under no circumstances will anything concerning this property be reported on SCH E. No exceptions.
You'll report the sale in the "Sale of Home (Gain or Loss)" section under the Personal Income tab. Pay attention to every screen. After entering the initial sales/cost basis data you'll be asked if you used the home for anything other than your primary home. You'll select YES on this screen and be asked for the number of days of unqualified use *****AFTER**** 2008. Then your excluded gain will be pro-rated based on that.
‎December 16, 2021
10:04 AM