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Question

I purchased my primary residence in May 2018. I converted it to a rental property in August 2020. In August 2024 I sold the property. How do I report this using turbotax?

Forum|Forum|1 year ago
March 24, 2025
1 reply
0 views

Since this was my primary for more than 2 years and 1 of the past 5 can I exclude capital gains? I barely made anything off of the sale. Mainly I'm struggling with how to properly file this using turbotax.

No. You need to have used the home as your primary residence for at least 2 years out of the 5 years prior to the sale. Since you only lived in it for 1 year, you will fail the test. See: Qualifying for the exclusion

You will indicate the property was sold in the rental section, and the gain will be reported on your tax return. See: I sold my rental property. How do I report that?