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Investors & landlords
for federal gain would be
sales price
less sales expenses
less cost
plus the larger od depreciation allowed or allowable.
in addition, if during any 2 year period during the 5 years before the sale you occupied the property as your principal residence would you'd be entitled to a home sale exclusion of up to $250,000 (filing single) for any gain exceeding the depreciation recapture.
less than 2 years a partial exclusion might be available.
some states use a different depreciation rate than federal
your gain seems incorrect but we can not see your entries. contact support would be advisable because you can allow them to view your return'
March 27, 2022
9:58 AM