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Ensure you mark that you also used as personal residence to see if any of the 121 exclusion will apply to any of the gain .Turbotax takes all aspects of the sale of a rental conversion and allocates appropriately.
IRC Section 121(d)(6), stipulates that the capital gains exclusion shall not apply to any gains attributable to depreciation since May 6, 1997 (the date the rule was enacted), ensuring that the depreciation recapture will still be taxed (at a maximum rate of 25%).
The ownership and use requirements are based on the total number of days or months you own and uses the property as a principal residence during the five-year period ending on the date of disposition.
You have to live in as a primary residence for 24 out of the last 60 months or 730 days of the last 1825 days.
Ensure you mark that you also used as personal residence to see if any of the 121 exclusion will apply to any of the gain .Turbotax takes all aspects of the sale of a rental conversion and allocates appropriately.
IRC Section 121(d)(6), stipulates that the capital gains exclusion shall not apply to any gains attributable to depreciation since May 6, 1997 (the date the rule was enacted), ensuring that the depreciation recapture will still be taxed (at a maximum rate of 25%).
The ownership and use requirements are based on the total number of days or months you own and uses the property as a principal residence during the five-year period ending on the date of disposition.
You have to live in as a primary residence for 24 out of the last 60 months or 730 days of the last 1825 days.
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