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This is a secondary home. The fact that you allowed the tenant to live rent free indicates that it was not a rental for profit.
Report it as below but since it is personal use, you will not be able to take a loss.
Report the sale in the investment section of TurboTax. Follow these instructions:
Note: Whether you had a loan on the property or how much cash you received at closing doesn't matter to the IRS. The IRS will tax you on the profit from the sale, if any.
In simple terms, the Gross Proceeds minus Expense of Sale (if needed) minus Original Purchase Price minus Improvements (expenses for new roof, kitchen remodel, etc.) equals Your Taxable Profit.
TurboTax will ask you all the necessary questions to determine if you have a profit or loss on the sale.
This is a secondary home. The fact that you allowed the tenant to live rent free indicates that it was not a rental for profit.
Report it as below but since it is personal use, you will not be able to take a loss.
Report the sale in the investment section of TurboTax. Follow these instructions:
Note: Whether you had a loan on the property or how much cash you received at closing doesn't matter to the IRS. The IRS will tax you on the profit from the sale, if any.
In simple terms, the Gross Proceeds minus Expense of Sale (if needed) minus Original Purchase Price minus Improvements (expenses for new roof, kitchen remodel, etc.) equals Your Taxable Profit.
TurboTax will ask you all the necessary questions to determine if you have a profit or loss on the sale.
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