Sold a rental home that was used for personal use 67% of the time owned and used as a rental 33% of the time owned. Some how I am getting a huge refund????

[ilovejoelhuff]

Bought house for 201,000, 14 years later sold it for $225,000.  Used it as a rental last 4 years (33% of the time owned).  It says i get to claim -113,000 on deductions.  What did I do wrong???

[TaxGuyBill]

Use 100%, and 100% of the sale price.  Don't use the 33%/67%.

[ilovejoelhuff]

Thanks.

[ilovejoelhuff]

I have another question for you TaxGuyBill....Where do I locate my depreciation over the last 4 years...Is it the amount on line 18 of Schedule E of each years tax return?

[TaxGuyBill]

Yes, but if you have more than one "asset", that would include all of the assets.

You can print out (or make a PDF) of *ALL* worksheets, and look for the "Depreciation and Amortization Report" (it is the sideways spreadsheet).  That shows the 'current' and 'prior' depreciation for each asset.

[ilovejoelhuff]

Thanks again!

[TaxGuyBill · Accepted solution]

You are welcome.  I'm glad I could help.