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How to file on the sale of home/rental

Level 1

I built a home in 1978 and converted it to a rental in 1980.  It is fully depreciated.  I moved back in to it in 2017 and stayed 2 years + one month before selling it.  How do I both show the sale on the rental form and also take the allowance for living in the home 2 out of the past 5 years?  I want to do it correctly.

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4 Comments 4
Level 14
Level 14

you just have to fill out the asset worksheet, including prior deprecation allowed, and sale info. Be sure to double click to link to home sale worksheet. then you go to, and complete the home sale worksheet. Do it in that order and the program should handle the rest of the forms needed. You should do a quick manual calculation to make sure you get the correct profit, deprecation recapture, and the exclusion. I don't use basic, but I would think it should work the same as pro in this instance   

Level 15

If it was not a rental in the year of the sale, the sale is not reported on a "rental form".

Enter the information on the "Home Sale Worksheet".  Be careful to look through ALL of the lines to fill it out correctly.  Be sure to accurately enter the amount of depreciation for before and after the 1997 date.  And be sure to carefully count and enter the number of days before and after the 2008/2009 date.

And assuming there were some improvements in the last 27 years (roof, furnace, remodel, etc.), the property would not be fully depreciated.

Level 13

You do have some non excludible gain. You should hire a tax professional.

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Level 14
Level 14

Just looked at rental sorry. do not need rental forms. I do agree with @Accountant-Man You should get some help