The sale of you home will be reported like any sale of a residence with the exception of the depreciation claimed. Because the depreciation deduction reduced your income in the past, this amount must reduce the cost basis to determine gain, if any. It's possible there will be no taxable gain since it was rented for only one year. TurboTax will walk you easily through the process.
Follow the steps below to report the sale of your primary residence.
The depreciation for the one year will be calculated by finding your cost basis at the time it was placed in service as a rental (2007) reduced for land value, then multiplied by 3.636%.
Could you provide more details so we can better answer your question? Did you sell it? Do you want to know how to account for the depreciation used during the rental period?
I am sorry - I thought I added that. We moved back in - 2008. Closed on the sale in August 2017. Thanks!
The sale of you home will be reported like any sale of a residence with the exception of the depreciation claimed. Because the depreciation deduction reduced your income in the past, this amount must reduce the cost basis to determine gain, if any. It's possible there will be no taxable gain since it was rented for only one year. TurboTax will walk you easily through the process.
Follow the steps below to report the sale of your primary residence.
The depreciation for the one year will be calculated by finding your cost basis at the time it was placed in service as a rental (2007) reduced for land value, then multiplied by 3.636%.