How to report on 1040 disposition of rental property that was also used as primary residence?

8 replies
56 views

How to report sale of home where first 4 years as personal primary home and 12 years as rental property?

ProConnect Tax Online

This topic has been closed for replies.

M

mlitt2003Author

Level 2

This would be reported on 1040 at a loss.

qbteachmt

Level 15

Please note that this is a duplicate for the same subject. The original topic is here:

https://proconnect.intuit.com/community/proconnect-tax-online-discussions/discussion/how-to-report-on-1040-disposition-of-rental-property-that-was/01/90127#M7964

Don't yell at us; we're volunteers

Just-Lisa-Now-

Intuit Community Champion

You sell it as a rental property...being a personal residence 12 years ago (your duplicate post said 8 years as a rental) means nothing to your situation.

You'll have 8 or 12 years of deprecation to recapture, so while its possible you have a loss on the actual sale (your duplicate post mentioned a loss), you may have a gain to pay taxes on.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪