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Sale of long term residence/short term rental - Where to enter, Capital Gains, Depreciation, fair market values, etc?
There's more than one place to enter the sale of a home, and I'm confused where to add mine based on my situation. I also don't understand how to calculate/deal with depreciation, and fair market values which TurboTax asks me about in confusing ways.
I bought the house 2/20/2003. It was my primary residence until 7/4/2020 when I moved into a new home. I used it as a second home for when I needed to stay in town from time to time until 3/16/2021 when I rented it. I then sold it and closed on 2/16/2022.
Any advice on where to put what and how to calculate what in TurboTax would be greatly appreciated.
‎February 8, 2023
7:13 AM