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12-05-2019
04:24 PM
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This article will help to report the sale of a home that was used as a rental property, that had been rented in the year of the sale, and the taxpayer had lived in the home for at least 2 of the last 5 years:
If the asset is entered on Screen 22, Depreciation:
- Go to Screen 22, Depreciation.
- Select the applicable Asset from the left panel.
- Scroll down to the General Disposition Information section.
- Enter the date of sale in, Date sold, disposed, or retired (MANDATORY).
- Enter the Basis adjustment (land, etc.) [A] (if applicable).
- Enter any Expenses of sale or exchange (if applicable).
- Scroll down to the Sale of Asset (4797/6252) section.
- Enter the Sales price (-1=none).
- Scroll down to the Sale of Home section.
- Select the box Sale of home (MANDATORY to compute exclusion).
- Select the box 2-year use test met (full exclusion)
- If the taxpayer owned and used the home as a main home for 2 or more years during the 5-year period, ending on the date of the sale or exchange of the property. An entry in this field tells the program that the taxpayer qualifies for the full $250,000 exclusion ($500,000 is MFJ).
- Enter the Number of nonqualified use days after December 31, 20XX.
If the asset isn't already entered on Screen 22, Depreciation:
- Go to Screen 17, Dispositions.
- Complete the applicable information about this sale:
- Description of property
- Date acquired
- Date sold
- Cost or basis
- Expense of sale
- 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 1 in Blank=1245, 1=1250, 2=1252, 3=1254, 4=1255 (if applicable).
- Scroll down to the Sale of Home section.
- Select the box Sale of home (MANDATORY to compute exclusion).
- Select the box 2-year use test met (full exclusion)
- If the taxpayer owned and used the home as a main home for 2 or more years during the 5-year period ending on the date of the sale or exchange of the property. An entry in this field tells the program that the taxpayer qualifies for the full $250,000 exclusion ($500,000 is MFJ).
- Select the box Business use in year of sale (if applicable).
- Enter the Number of nonqualified use days after December 31, 20XX.
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