I purchased my main home in 1996. Lived there until 2010.
Rented it from 2010 until 2019 then sold it.
Personal use= 61.4%
Business use= 38.6%
TT says that I enter the sale info for business use using the 38.6%
TT says that the rest will be entered "separately as the sale of other investment or personal use property"
Can't find where that is in my desktop Home & Business 2019
Help!
You should report the rest of the sale as the Sale of a Second Home under Personal Income >> Investment Income >> Stocks, Mutual Funds, etc. Add a sale and follow the prompts.
The easiest way to find this section of TurboTax for Desktop is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type "sale of second home," hit Enter, and click the "jump to" link to go directly to beginning of that topic.
I do see that section about sale of 2nd home....however, what is confusing is that TT says to allocate % to rental and ownership.
Unfortunately, there are no instructions to cover the two % amounts:
Does each one refer to the specific dates (use & rental)?
How do I enter 1099-S info so I don't show selling it twice?
Last time I tried this I got the message that TT is going to delete the property sale info because it was entered in the business section
The rental use percentage is calculated from the rental days versus total days that you owned the property. The balance would have been the sale of your home, except the five-year test period has passed. This is why you report the personal use property as a second home.
You'll need to manually allocate the sale information between the two sales. In other words, divide up what is reported on Form 1099-S based on the two percentages. In most cases, TurboTax doesn't do this for you.
You should not report that the personal use portion of the sale included the sale of "your home," even though it had been in the past. That may be what is causing TurboTax to say the sale doesn't belong under Investments.
Additional Info:
When I allocate % use (ownership 61.4% & rental 38.6%) everything works fine regarding the Business info entered in TT.
However, when I enter the 61.4% in Personal Income, It asks:
"Any business or rental use?"...if I answer yes to rental, it wants to delete this and says enter in business section.
My research consistantly found mixed use to be the sale of rental property which wasnt allowing for cspital games. It was treating as general income. Properties/businesses in the home like day csre and B&B's where a percentage of the sq footage is for personal use as a qualified primary residence is the scenario I'm seeking assistance.