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We have a problem with the sale of the property that had been our principal residence for more than 2 of the previous 5 years.

It was rented for 8 months during 2017 so we have to file a Schedule E, so I don't believe we can just leave it off our return as suggested above.

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Accepted Solutions
DawnC0
Intuit Alumni

We have a problem with the sale of the property that had been our principal residence for more than 2 of the previous 5 years.

I think someone was referring to the sale portion of the home.  If you meet the requirements for excluding the gain, then you do not have a taxable transaction.  However, you would still need to file a schedule E to report the income and expense related to the time you rented the property.  You need Premier or higher to do that.  

https://ttlc.intuit.com/replies/3300213

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1 Reply
DawnC0
Intuit Alumni

We have a problem with the sale of the property that had been our principal residence for more than 2 of the previous 5 years.

I think someone was referring to the sale portion of the home.  If you meet the requirements for excluding the gain, then you do not have a taxable transaction.  However, you would still need to file a schedule E to report the income and expense related to the time you rented the property.  You need Premier or higher to do that.  

https://ttlc.intuit.com/replies/3300213

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