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Inputting data for 1099-S for dual purpose property

Sold main home which was used partially for rental income and I've filed 4 years of tax returns accordingly, including with depreciation on the dwelling that was used as a rental. (I do meet the requirements for exclusion of the first $250K of capital gains.) I've  already have worked through all worksheets contained in IRS Pub 523 (whew). I have Turbotax Premer (online). I know I must split out the portion of capital gains attributable to the rental portion of the property. QUESTION: Do I input in the section for Sale of Home AND the section for Sale of business?

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3 Replies
LeonardS
Expert Alumni

Inputting data for 1099-S for dual purpose property

No, you do not input the section for Sale of Business.  You will report the sale as your main home however because it was used as a rental and depreciation was taken you must decrease your basis by the amount of depreciation taken.  You do not split out the capital gains attributable to the rental use of the property.

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Inputting data for 1099-S for dual purpose property

i cant find 1099-s sales rental property

MarilynG1
Expert Alumni

Inputting data for 1099-S for dual purpose property

If you sold a Rental Property, you need to first report the Sale in the Property Profile and Assets sections of the Rental topic. 

 

You will use the info from the 1099-S to report the sale, but not enter the 1099-S itself.

 

Pay close attention to your entries, if the rental was at any time your main home, as you may qualify for partial exclusion of the Capital Gain. 

 

Any carryover Rental Loss can be utilized when reporting the sale.  You will need the Sales Costs and Accumulated Depreciation amounts. 

 

Here's more info on How to Report Sale of Rental Property.

 

@woodbrick3 

 

 

 

 

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