Sold primary residence and a rental in 2018. Where do I put the sales for these?

[tyghor]

Bought Home 1 in 2007 and converted to a rental in 2014 when I bought Home 2. Sold both houses in 2018 so Home 2 is covered tax free (<250k gain) but where do I put the sale of Home 1 which, unfortunately, we will be taxed on those gains?

[Coleen3]

Was the property still being rented in 2018?

[tyghor]

Rented Jan, Feb. Remodeled Mar-May, sold in June.

[Coleen3]

Enter everything (House 1) in the rental section. There will be two screens where you will enter that you sold the property. See the screen shots below.

[tyghor]

That doesn't seem to cover the situation. Isn't this a business asset? When I make the changes suggested in only gives me a depreciation amount when I am trying to sell the property.

[Coleen3]

I don't know what you are asking. When you sell the rental (business property), the sale is entered on Form 4797, Sales of Business Property. If you haven't used TurboTax for rental income over the years, you will have to enter the depreciation you have taken. Yes, if you enter in 2018 alone, the program will calculate depreciation for 2018 alone.