Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
aja-higgins
New Member

Started renting our primary residence in 2014. We bought a new house. We sold the rental in 2016. We got a check for $46k. Why am I getting money back?

 
1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Started renting our primary residence in 2014. We bought a new house. We sold the rental in 2016. We got a check for $46k. Why am I getting money back?

If you went through the rental section and answered all the questions regarding the sale correctly, the program figures profit or loss from the sale. If you have a loss, since it is a business property, it is deductible. The cash in hand is irrelevant.

The calculation involves cost plus improvements plus sales expenses minus depreciation is your adjusted basis. Sales price minus adjusted basis is gain or loss.

View solution in original post

1 Reply
Coleen3
Intuit Alumni

Started renting our primary residence in 2014. We bought a new house. We sold the rental in 2016. We got a check for $46k. Why am I getting money back?

If you went through the rental section and answered all the questions regarding the sale correctly, the program figures profit or loss from the sale. If you have a loss, since it is a business property, it is deductible. The cash in hand is irrelevant.

The calculation involves cost plus improvements plus sales expenses minus depreciation is your adjusted basis. Sales price minus adjusted basis is gain or loss.

Dynamic AdsDynamic Ads
Privacy Settings
v