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I sold condo in 1/18, lived in it until 10/15, rent out 05/16-11/17. Should I include depreciation in Adjusted cost basis or in Depreciation After May 6 1997 or in both?

Bought in 2012, lived more than 2 years in last 5 years before sale.
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3 Replies
Coleen3
Intuit Alumni

I sold condo in 1/18, lived in it until 10/15, rent out 05/16-11/17. Should I include depreciation in Adjusted cost basis or in Depreciation After May 6 1997 or in both?

Enter your sale in Sale of Main home. Depreciation is not part of the basis. Enter it separately.

Enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

I sold condo in 1/18, lived in it until 10/15, rent out 05/16-11/17. Should I include depreciation in Adjusted cost basis or in Depreciation After May 6 1997 or in both?

I'm already using Premier version of TurboTax. In section "Sale of Home (gain or loss)" when I used "Easy Guide", it asked to put in Depreciation. And later again it asked about Depreciation in Depreciation After May 6 1997. It asked me twice. Should I put in both or just in one section
Coleen3
Intuit Alumni

I sold condo in 1/18, lived in it until 10/15, rent out 05/16-11/17. Should I include depreciation in Adjusted cost basis or in Depreciation After May 6 1997 or in both?

Just once.

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