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swages50
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Did I put info in correctly? paid $30,000 for rental house in 2004, sold in 2018, $30,000. No profit. Turbo tax said I gained $8566. Now owe $1200. Does this make sense?

 
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1 Reply
sscat
New Member

Did I put info in correctly? paid $30,000 for rental house in 2004, sold in 2018, $30,000. No profit. Turbo tax said I gained $8566. Now owe $1200. Does this make sense?

Did you take depreciation on the rental home?  Likely cause of gain as depreciation decrements your basis annually.
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