turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

thimta
New Member

Turbotax Premier 2022 Tax: Total Gain on rental sale divided between Depreciation Recapture line and Capital Gain line

 

This refers to Turbotax Premier  for 2022 Tax, in sale of rental property. I sold my rental home in 2022. A total gain of 2500 was realized = 1500 in capital gain +1000 in depreciation recapture

 

The problem is why the same total gain gives 2 different outcomes:

 

If I clicked on Type of Property

[Attention: the small arrow will appear if you move the cursor to the same line on the right, a series of different types of property will appear, and you click on the one you select]:

 

"I-Residential rental " The total 2500 is in capital gain line, while depreciation recapture line =0;

 

However, if I clicked:

"F-Rental furnishings"  The total gain 2500 is divided into

1500 in capital gain line +1000 in depreciation recapture line.

 

Which outcomes for I or for F type is correct and why?

Thank you

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question