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chnews83
Returning Member

1099-S on sale of Rental Property

How do I enter information for sale of rental property that had previously been used as main residence?  Property was originally purchased in 2002 for $103k, with $3k closing cost credit back from seller.  Property was put into service as rental 6/1/10 with a $96k cost (net of land).  No major improvements made to property after is was put into service as rental, except whole house siding that was replaced through insurance claim.  Property was sold Dec 2019 for $121k, which is reflected on 1099-S as gross proceeds.  What date do I use for date bought/acquired?  Original purchase date or when it was put into service as rental property.  How do I calculate the adjusted cost basis?

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