Bought home for 759,000, lived in 6 yrs., then rented home 2011- 2017. Selling in March '18 for 635,000 (at loss). Is this complete capital loss? Any income taxes due?

[jhwgw]

I cannot find any depreciation calculations or worksheet on this rental property.  I am lost.  any other suggestions?

[Coleen3]

This will not be a tax form. It will be a supplemental form for your records.
1. Sign in to your account (if you haven't already done so), using the same login you used to file your return.
2. If you can't remember, go here so we can help you get logged in.
3. Once you're logged in, go to the bottom of the screen and click  My Tax Returns and Documents. 
4. Choose the tax year for the return you want to print
5. Select Download/print return (PDF).
6. On the next screen, click Download my return.
7. Once your return has downloaded, locate the PDF and open it. If you see a printer icon at the top of the screen, click that; or if you have a File menu in the upper left corner, open that and select Print.
8. Make any adjustments in the Print window, such as number of copies, and then click the Print button at the bottom.
9. If nothing prints or the PDF saves instead of prints, repeat Step 6 and then:
? Click the Advanced button near the top of the popup window;
? Clear the Print to File checkbox;
? Click OK,and then click the Print button again.
When you print the "hard copy" of the return you filed, it'll include extra documentation and calculation worksheets for your files. However, it won't include W-2, 1099, or any other forms from your employer, bank, brokerage (etc.) because TurboTax didn't generate those forms. Contact the party who originally issued those forms if you need those.

[Coleen3]

It may be easier to do it manually. Every year but the first and last, the basis is multiplied by 3.636%. The last year, take that figure and divide by 12 and multiply by 5. Do the same for the first year, depending on what month it was placed in service.
This will get you pretty close. The basis for converted property should have been the lower of FMV or adjusted basis on the date of the conversion.

[jhwgw]

I have checked the PDF and found no calculation worksheet.  

Manually:   $759,000 cost of original purchase x 3.636% = 27,597.24.     

27597.24 X 5 full years rented is 137,986.20   
1st Year rented is 6899.31  
Last Year rented is 11,498.85  

These total figures (137,986.20 + 6899.31 +  11,498.85 = 156,384.26)   

Now, do I deduct the 156,385 from the original purchase price of 759,000 to come up with the Adjusted Basis?  this would be 602,615.   

(I realize I have not added in capital improvements or the costs to buy or sell the property yet)

[jhwgw]

Real estate commission fees and closing to sell the property is approx. 40,000

[jhwgw]

so I am at 642,615.00 for the adjusted basis?

[Coleen3]

Remember the conversion rules. Did you use the purchase price or another amount? You depreciation looks right if that was the amount used. I did not do the math for the rest, but yes, add sales exp and commission after subtracting depreciation.

[jhwgw]

Yes, I used the purchase price of 759,000.  Can we also add the cost of Real Estate commissions and closing costs, from the original purchase of the home in 2005, to the adjusted basis?  Thanks Coleen, you have been so patient with my questions...

[Coleen3]

No to commissions.
The following items are some of the settlement fees or closing costs you can include in the basis of your property. Abstract fees (abstract of title fees). Charges for installing utility services. Legal fees (including title search and preparation of the sales contract and deed). Recording fees. Surveys. Transfer taxes. Owner's title insurance. Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions.

[jhwgw]

can these costs be from the original purchase of the property AND the sale of the property?

[Coleen3]

You add them to the basis like you do the sales expenses. You don't deduct them. If you had already added them and included them in the basis, do not include them again.

[jhwgw]

Yes, I understand that you add them to the basis.  

I appreciate all of your help today, Coleen. Thanks, again!

[Coleen3]

You are welcome. I'm glad it was HELPFUL.