WebJun 5, 2024 · Background: I owned and lived in home as primary residence 8 years before renting it out for 2 years. In those 2 rental years I deducted $15,083 depreciation. As I lived in the home for 3 of the last 5 years I am filing the sale as a sale of my primary residence to avoid capital gains. I understand that I have to repay back the depreciation deducted … WebRather than sell the house, he converted it to a rental property. The property’s FMV, excluding the land, on its conversion to rental property was $185,000. J ’s basis for depreciation is $185,000, the FMV at the time of conversion, since it …
Entering disposition of rental activity with multiple ... - Intuit
WebJul 13, 2024 · Scroll down to the Form 4797 section. Enter any prior depreciation in Depreciation allowed (-1=none, triggers 4797). Enter the Recapture amount (if not section 1245)(if applicable). Enter a 1in Blank=1245, 1=1250, 2=1252, 3=1254, 4=1255(if applicable). Scroll down to the Sale of Homesection. WebJun 4, 2024 · Treat the sales separately--one as the sale of a rental property; the other as the sale of your principal residence. TurboTax will prepare the necessary forms … tnsna
Loss on sale of property to a relative or related party - Intuit
WebApr 16, 2024 · Form 4797 Line 6: You will report any of the gains from Line 32 of your tax return other than those resulting from casualty or theft on this line. Form 4797 Line 7: Simply add all of the gains and losses recorded … WebTo enter the sale of your vacation home in TaxAct: From within your TaxAct return ( Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal. Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Capital ... WebMar 14, 2024 · 03-14-2024, 01:23 PM Yes, because the building but not the land is entered in Part III of Form 4797. Besides, if "appropriate depreciation" was taken, then this allocation was already done four years ago, so why wouldn't you use it? You didn't ask, but be sure to take into account the non-qualified use when applying the Sec 121 exclusion. tns madlokovu album download zip