jim5917
Level 3
04-09-2024
09:47 AM
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Taxpayer rented out their vacation home about 33% of the year then sold it at the end of the year for a gain. How do I report this? 33% business use on the asset entry sheet along with 33% of the sale price and expenses and let that flow to 4797 along with the depreciation recapture? Then the other 67% (Proceeds and selling expenses) directly on Schedule D?
And does it matter if it wasn't a 33% split the previous tax years?