If the property ewas rented in 2018, enter all your information in the Rental section. There are two screens on which you will need to indicate the sale. See the screenshots below.
If it was not rented in 2018, you will need to enter it under sale of main home. There, you can recapture your depreciation.
- Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Less Common Income”
- Choose “Sale of Home (gain or loss)” and select “start’
- You will want to use the "Easy Guide" to determine the adjusted basis on this home
Say "yes" that you sold your main home and TurboTax will guide you on entering this information
No, that's not right. The "sale of business property" section does not give the option to the exclusion. Additionally, on the 2nd image, selecting "I always used 100% for business" would not be true if you qualify for the "2 of last 5" exclusion.