Where do I go in TTax to report the $250k exclusion for a home sold? I've reported it as a rental in past, and again this year, but lived in it for 2 of last 5 years. Thx

[mschumpert]

I didn't receive the 1099-S, and saw somewhere that I don't need to report the sale at all, but I've reported it as a rental in the past, and think I need to again this year, but lived in it for 2 of last 5 years. Thx

[VolvoGirl]

Yes you have to report it.  You have to recapture the depreciation you took (or could have taken) when it was a rental.  The depreciation will be taxable.  

[mschumpert]

Thanks for the response. I already determined I would report it, but I don't know where to go to get my 250k exclusion for it qualifying as primary...

[Coleen3]

Was it rented in 2018?

[mschumpert]

I closed on it at the end of January 2018, but the tenant had paid his last months rent along with the deposit a couple years ago, so I received no income from it, but still had expenses on it..

[Coleen3]

The expenses after the tenant moved out are not deductible. Vacant while listed for sale. If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses.  <a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p527/ch01.html">https://www.irs.gov/publications/p527/ch01.html</a>

[Opus 17]

I think you just report in the "sale of my home" section under sale of stocks and other assets.

You will have taxable gain due to the appreciation (gain in value) due to periods of non-qualified use, as well as depreciation recapture.  You don't get the full benefit of the $250K exclusion.  This is a bit complicated to explanin and the IRS publications mostly ignore it, but Turbotax implements it properly.  I can explain better tonight when I have more time.

[mschumpert]

thanks for your efforts, but I'm getting confused because I'm getting answers that don't pertain to my question. I had a gain of approximately $150K on the sale of the home. When I input the sale of the home into TTax, my taxes went up by almost $50k. I want to know where to go in TTax to get the exclusion so that I'm not taxed on the gain since the sale qualifies for the exclusion. thanks again

[Zbucklyo]

It is quite confusing.  You need to start by entering it as sale of a business asset (in the rental depreciation section).  As you move along in the sale process, there will be a question asking whether you used it for personal purposes prior to business use.  Then, later, if you answer it does not need special handling, it will ask you whether the asset was included in the sale of your main home.  Answer yes.