ThomasM125
Expert Alumni

Investors & landlords

You do need to enter sale and cost information in separate portions of the program.

 

In the rental section, you need to enter the portion of the sale income that pertains to the portion of the property you had rented, which is seems was 50% here.  You also need to have entered the cost for the portion rented. TurboTax will calculate the depreciation recapture based on the accumulated depreciation. You do a similar thing for the home sale in that section. 

 

You may be able to exclude the gain on the home sale portion, but any gain on the rental portion will be taxable, either as capital gain income or ordinary income, based on the cost, sale amount and depreciation allowable on the property.

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