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Rental property
Where do I even begin. We were renting out our home in VA due to military orders and sold it last year. Every time I report the sale of the property in turbo tax it keeps saying that we have a loss of 90,000 when we actually had a gain. I’ve restarted the taxes 4 times now and keep getting the same thing.
I can’t find on any of the past taxes where we’ve taken depreciation.
I don’t understand what’s going on.
can somebody help?
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Rental property
In this forum we can't see your return. Your best option is to use a "Live" version of TurboTax to have someone go through the entries with you.
In the top right hand corner of your TurboTax page you should see a tab "Live Tax Advice".
However, if wish you can do this. Here is a link to help and a couple of notes to keep in mind as you tackle this.
Did you live in the home for two of the five years prior to the sale? You may be eligible for an exclusion.
Whether or not you have taken depreciation, when you sell the rental any depreciation you "could have taken" has to be accounted for as gain.
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hopefully Live help can help you. since you rented out your home, under most situations, you are required to take depreciation. if you sell at a profit based on what should be the depreciated cost, you must pay taxes on depreciation recapture even if you never took it. to correct that error requires filing form 3115. make sure you ask live help about it.
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You may have entered the cost of the house incorrectly when you set it up for depreciation. TurboTax will ask you for the cost of the house and then the cost of the land. You should include the cost of the land in the cost.
For instance, you buy a house for $200,000 and the land is worth $50,000. You would enter the cost as $200,000 and the land as $50,000.
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