Thx for response below from Colleen. The sale did result in a gain. Pls advise if I simply input new cost basis using 2003 purch price plus improvements 2003-2011, less prior depreciation during when it was a rental (2011-2016). Would I input this info since I did not collect rent in 2017? As if it were a new asset and just indicate sale?
Turbo Tax Xchage response 4/12/18:
It is correct that if you did not rent it in 2017, you will not report the sale in the rental section. You will enter it under Sales of Business Property.
Yes, your cost basis will include improvements.
When you converted the property from personal use to rental, the basis for depreciation was lower of the Adjusted Basis or the FMV on the date of conversion.
Now that you are selling, it gets a little trickier.
Calculating Gain/Loss on Subsequent Sale of Rental Property
If a residence converted to rental property is later sold at a gain, the basis in the converted property is the original cost or other basis plus amounts paid for capital improvements, less any depreciation taken.
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