You enter the detail of each of the assets and TT figures out what to put on line 18. Very complicated calculation.
This prior answer explains how to do the entry
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Yes. Any depreciation allowed or allowable (the 18 months it was rented whether or not you took advantage of the deduction) during the rental period will be recaptured and will be taxable limited to the actual amount of gain on the sale.
Carefully answer the questions in the asset section of the rental activity.
- Answer - No, I have not always used this item 100% of the time for this business.
- Answer - No, Special Handling Required?
- Begin to answer the questions about the Home Sale
- TurboTax will do the rest once this has been completed