Young-TP
Level 3

Maybe I didn't ask the question right. Do I need to complete the home sale worksheet and the asset entry worksheet when selling rental property for someone in the military. If SL depreciation was used do they report that as a capital gain and if so where is does that figure come from?

This is the exclusion for military. The second rule when selling a rental property is the military extension of the capital gains exclusion. This allows active-duty military members who are away from their property due to PCS orders to extend the 60-month period up to an additional 10 years. This means that eligible military members may exclude their capital gains as long as they occupied the primary residence for two of the previous 15 years.