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Enter them one at a time, starting with the oldest loan first. Also (and I can't stress this enough) *read the small print* on each and every screen so you make proper selections and don't end up having all your outstanding mortgage balances added together, thus causing you to incorrectly exceed the $750K threshold (if that threshold does not apply to you already.)
Carl, is there a way to message you directly? You seem very knowledgeable on rentals and sales or rentals. I've talked to 4 Turbo Tax advisors and they are all telling me different things. I sold a rental property in 2020 and lived there for 2 of the last 5 years, so I was expecting to receive the capital gains tax exemption, but it's saying I don't qualify. I sold it for $405k and bought it for $230k. With the depreciation from 2006 to 2020, it shouldn't put me over the $250k profit threshold. Also, there were some additions (Roof, Water Heater) that increased my cost basis. It was a rental property for 2 of the last 5 years as well (not sure if that matters). Thoughts?
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