The former rental would be considered as a second home after it was no longer being rented. You can deduct mortgage interest and property taxes on Schedule A for a second home. Those deductions are subject to the $10,000 cap.
The sale of a previous Rental Property would be entered as the Sale of Business Property under Other Business Situations of Federal Income.
Indicate that you have a sale of business or rental property that you haven't already reported.
Follow the interview to enter the details of the sale and the total depreciation you took on the property while it was rented. Before you leave that section, be sure you enter the Total Gross Proceeds. TurboTax will calculate the capital gain/loss and depreciation recapture to report on your tax return
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
