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I had a home that was my primary home since 1990 this last year I moved and rented out for 6 months in 2016 and then sold in Nov. 2016. I can find where to plug in this

I owed $205,000 and sold it for $211,000 but had to take money to the table at closing.
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1 Best answer

Accepted Solutions
DianeW
Expert Alumni

I had a home that was my primary home since 1990 this last year I moved and rented out for 6 months in 2016 and then sold in Nov. 2016. I can find where to plug in this

This will be entered into the rental activity section of your return.  This will allow both the rental income and expense and the sale of the home.  

Once you enter it you can follow the steps to show the sale. 

  • Answer the question that it has not always been 100% business.  Follow the prompts to complete the sale to report any taxable gain that applies to the rental time frame and the nontaxable gain on the personal time frame.

Begin by entering your Rental Activity even for 2016, you do have to say it was available to rent. Select all the necessary actions on the page "Do any of these situations apply to this property?" (image attached)

  1. The property was sold
  2. The property was converted from personal use to business use
  • In the search box type rental
  • Jump to rental (image attached)
  • Begin the entry of the rental income and expense
  • This will lead to the sales questions after you make your selections noted above.
    • Sale Price
    • Expense of Sale
    • Date of Sale

This will also take into account the home sale partial exclusion if you qualify.  TurboTax will walk you through the process and you can ask more questions if you want.

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1 Reply
DianeW
Expert Alumni

I had a home that was my primary home since 1990 this last year I moved and rented out for 6 months in 2016 and then sold in Nov. 2016. I can find where to plug in this

This will be entered into the rental activity section of your return.  This will allow both the rental income and expense and the sale of the home.  

Once you enter it you can follow the steps to show the sale. 

  • Answer the question that it has not always been 100% business.  Follow the prompts to complete the sale to report any taxable gain that applies to the rental time frame and the nontaxable gain on the personal time frame.

Begin by entering your Rental Activity even for 2016, you do have to say it was available to rent. Select all the necessary actions on the page "Do any of these situations apply to this property?" (image attached)

  1. The property was sold
  2. The property was converted from personal use to business use
  • In the search box type rental
  • Jump to rental (image attached)
  • Begin the entry of the rental income and expense
  • This will lead to the sales questions after you make your selections noted above.
    • Sale Price
    • Expense of Sale
    • Date of Sale

This will also take into account the home sale partial exclusion if you qualify.  TurboTax will walk you through the process and you can ask more questions if you want.

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