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Investors & landlords
I would record the sale twice. Turbo Tax will be asking about the rental activity and you will have to say that you sold the property. Enter the sale price as the beginning basis when you began renting it. That way you are still have a gain equal to the accumulated depreciation.
Then record the sale of home where you would qualify for the section 121 exclusion.
‎February 17, 2022
5:24 PM