Hi All,
I purchased a house in 2008 and lived in it until mid-2019. I then rented it out from December 2019 until March 2021. After the tenants moved out. I spent a month fixing it up (paint, new carpet, new water heater, other repairs) and sold it in May 2021. I qualify for the capital gain exclusion. I received a form 1099-S from the sale.
What's the best to enter this transaction? Since the was not rented out after March 2021 and no longer used for business purposes, do I need to convert it back a personal residence and list it under Sale of a Home? Do I list the sale under Rental Properties and Royalties?
Appreciate any guidance you can provide.
