topic I'm asking for the dates above, because if it was rented... in Investors & landlords

I dont know how much depreciation I took on my house since 1997 . How do I find this ? I dont have my returns that far back. I used the house as my main residence for 12 years before turning it into a rental.

gramjudi — Sat, 01 Jun 2019 02:22:33 GMT

I have used turbo tax all of the time. is there any way to find the answer in my past returns there?

In what year did you purchase the house? In what year did...

Carl — Sat, 01 Jun 2019 02:22:33 GMT

In what year did you purchase the house? In what year did you move out of the house and convert it to rental?

You're fine. Depreciation started the date the property w...

Carl — Sat, 01 Jun 2019 02:22:38 GMT

You're fine. Depreciation started the date the property was placed in service as a rental. If you've been reporting your rental income/expenses in TurboTax, then the program has tracked all that depreciation for you, assuming you set that rental up correctly when you either started using TurboTax, or when you converted the property to rental - whichever was last. If so, the program takes care of the math for you. So here's how to report the sale of your rental in TurboTax. Before we start, based on the information you've provided, you do not qualify for the capital gains exclusion.

Reporting the Sale of Rental Property

If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.

Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will ahve a selection on it for "I sold or otherwise disposed of this property in 2015". Select it. After you select the "I sold or otherwise disposed of this property in 2015" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even it it's zero. Then you MUST work through the "Sale of Assets/Depreciation" section. You must work through each individual asset one at a time to report it's disposition (in your case, all your rental assets were sold).

Understand that if more than the property itself is listed in your assets list, then you need to allocate our sales price across all of your assets. You will only allocate the structure sales price, you will NOT allocate the land sales price, since the land is not a depreciable asset. Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1. Likewise if you sold at a loss then you must show a loss on all assets, even if that loss is $1

Basically when working through an asset you select the option for "I stopped using this asset in 2015" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.

When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.

Assuming you reported the rental on your 2015 return, you...

LeeM — Sat, 01 Jun 2019 02:22:43 GMT

Assuming you reported the rental on your 2015 return, you can find that information on your 2015 Form 4562, Depreciation and Amortization (please see the screenshot below-click on the image to enlarge it)

Note that on this report, you would add "Prior Depreciation" and "Current Depreciation" to obtain "Accumulated Depreciation" (not displayed). Your accumulated depreciation would be the number you would enter for the depreciation taken since you began renting your house.

I'm asking for the dates above, because if it was rented...

Carl — Sat, 01 Jun 2019 02:22:43 GMT

I'm asking for the dates above, because if it was rented prior to 1997, the 2015 4562 may or may not be all inclusive.

I bought in 1996-used as my home until 2008. assume I cla...

gramjudi — Sat, 01 Jun 2019 02:22:44 GMT

I bought in 1996-used as my home until 2008. assume I claimed deprecitation since then