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June 2, 2019
Question

Did I put info in correctly? paid $30,000 for rental house in 2004, sold in 2018, $30,000. No profit. Turbo tax said I gained $8566. Now owe $1200. Does this make sense?

  • June 2, 2019
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June 2, 2019
Did you take depreciation on the rental home?  Likely cause of gain as depreciation decrements your basis annually.