You'll need to sign in or create an account to connect with an expert.
You can take a partial exclusion.
Does Your Home Qualify
If you don't meet the eligibility test, you may still qualify for a partial exclusion of gain if you moved because of work, health, or an unforeseeable event. You can qualify either by meeting a set of standard requirements (the “safe harbor” provisions) or by showing enough facts and circumstances to validate your claim
To enter the sale of your home in TurboTax Online or Desktop, please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information.
You will still need to recapture any depreciation for the time it was a rental.
Ok, so even though I converted the property to a rental property and never lived there again, I would go this route? I've been depreciating it the last couple years.
If the last thing that happened was that it was a rental, then you should enter it in the rental section. You will also be asked there if it was a personal home that qualifies for the exclusion.
If I show the property as sold under the rental section, which calls for me to add in the Business Sold amount, expenses and Business Land Sale (I assume thats just part of what the assessor determines the land value to be), but then I want to get the 2 out of 5 year tax exemption, would I then have a separate entry for "Main Home" under Income to do that?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mpericak11
New Member
jandan2000
New Member
ddranalli
Returning Member
koko0612
New Member
theleeb
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.