746338
You'll need to sign in or create an account to connect with an expert.
You should only report the sale as Sale of Business Property. See steps by steps instructions below.
Unfortunately, it does not appear you lived in the house or used as primary residence for the past 5 Years to qualify for exclusion of gain of rental property sale
The exclusion rule applies If you sold the property for a profit and it was your primary residence for at least 2 of the last 5 years, to qualify for the capital gains tax exclusion.
To qualify for the exclusion, the requirements are:
1 - Ownership Test:
You must have owned the home for at least 730 days (2 years) of the last 730 days (2 years) prior to the closing date on the HUD-1 statement you received at the closing when you sold the property.
2 – Use Test:
You must have lived in the home as your primary home (not 2nd home or vacation home) for at least 730 days of the last 1826 days prior to the closing date on the HUD-1 closing statement you received at the closing when you sold it. The time it was your primary home does not have to be concurrent.
See the answer to the following FAQ for step by step instruction on how to report the sale in TurboTax.
https://ttlc.intuit.com/replies/3388350
You may also consider using the following FAQ to determine deductible cost/closing costs
https://ttlc.intuit.com/replies/4923666
You should only report the sale as Sale of Business Property. See steps by steps instructions below.
Unfortunately, it does not appear you lived in the house or used as primary residence for the past 5 Years to qualify for exclusion of gain of rental property sale
The exclusion rule applies If you sold the property for a profit and it was your primary residence for at least 2 of the last 5 years, to qualify for the capital gains tax exclusion.
To qualify for the exclusion, the requirements are:
1 - Ownership Test:
You must have owned the home for at least 730 days (2 years) of the last 730 days (2 years) prior to the closing date on the HUD-1 statement you received at the closing when you sold the property.
2 – Use Test:
You must have lived in the home as your primary home (not 2nd home or vacation home) for at least 730 days of the last 1826 days prior to the closing date on the HUD-1 closing statement you received at the closing when you sold it. The time it was your primary home does not have to be concurrent.
See the answer to the following FAQ for step by step instruction on how to report the sale in TurboTax.
https://ttlc.intuit.com/replies/3388350
You may also consider using the following FAQ to determine deductible cost/closing costs
https://ttlc.intuit.com/replies/4923666
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Boyan
Level 4
business mileage for rental real
New Member
cindy-zhangheng
New Member
timeflies
New Member
patamelia
Level 2