Erased

[gryphin2004]

Erased

[PatriciaV · Accepted solution]

Yes, since there was no gain or loss on the sale, you may enter the actual sales price rather than the amount shown on Form 1099-S. This will correctly calculate depreciation on the total basis and the actual gain/loss of zero.

If you have correctly indicated that this property was converted from personal use in 2014, TurboTax should apply the exemption for the sale of a personal residence. You may see a question to confirm this during the sale entry process.

Be sure to keep good records for this property, your agreement regarding management in the past and sharing the sale, and the actual sales documents (including a copy of BOTH Forms 1099-S).