Here is the background..
We used this property as a primary residence from 2005 to 2010. In 2010, we moved and began renting this property. By the end of 2015, we listed it for sale and had no renter. It sold in March of 2016 and had no actual rental income during the 2016 year.
1) how do we handle this in turbotax?
2) how do we handle past years that we filed as a rental income with depreciation
3) where do we handle the mortgage interest?
4) we took a loss on the sale. does that matter?
You'll need to sign in or create an account to connect with an expert.
If, however, the property was no longer "in service", then you could choose to consider it a "second home" for 2016 (especially since you had lived in it once). In this case, the mortgage interest (subject to limits) and the property tax could be reported on Schedule A, along with the same items from your main home.
In any case, you are not eligible for the $250,000/$500,000 sale of home exclusion because you had not used it as your residence for 2 of the last 5 years. Either way, this is the sale of a business property.
For information on how to report this in TurboTax, please see https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rhalexda
Level 1
rhalexda
Level 1
huntinad
Level 1
knownoise
Returning Member
Ashleej828
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.