How do I record the rental AND sale of rental house where I previously lived?
In 2011 I bought a house where I lived till Oct 2016 (~5.5 yrs). In Oct 2016 I rented it out. At the end of June 2017 I sold it for enough to pay the mortgage balance and have a little left over.
I'm told that the increase in value isn't subject to any taxation because I lived in the house for more than two of the five years preceding the sale.
With the expense involved in the eviction (renter defaulted), sale, and depreciation (approx half year in 2017) it seems like this cause a total net DECREASE in income tax owed, but no matter what I enter it seems to increase!
Can someone point me in the right direction on how to input this into Turbo Tax?
--- Update ---
I would delete this question if I could see a "Delete" button or link, but... In case anyone else is searching for this, the key I discovered was that for "Rental Property" income/business the only thing related to the sale is the check box indicating that you sold. Nothing else. The information about the sale is 400 steps later.
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Right. rental income is in the income section. The sale of the property is in the sale of capital assets section.
Right. rental income is in the income section. The sale of the property is in the sale of capital assets section.
where do I report the rental and sale of the rental property in 2020?
Thanks!
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