Sold a rental home that was used for personal use 67% of the time owned and used as a rental 33% of the time owned. Some how I am getting a huge refund????

Forum|Forum|7 years ago
June 1, 2019
6 replies
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Bought house for 201,000, 14 years later sold it for $225,000. Used it as a rental last 4 years (33% of the time owned). It says i get to claim -113,000 on deductions. What did I do wrong???

TurboTax Self Employed Online

Best answer by TaxGuyBill

You are welcome. I'm glad I could help.

I

ilovejoelhuffAuthor

Employee

Thanks.

T

TaxGuyBill

Employee

Use 100%, and 100% of the sale price. Don't use the 33%/67%.

I

ilovejoelhuffAuthor

Employee

I have another question for you TaxGuyBill....Where do I locate my depreciation over the last 4 years...Is it the amount on line 18 of Schedule E of each years tax return?

T

TaxGuyBill

Employee

Yes, but if you have more than one "asset", that would include all of the assets.

You can print out (or make a PDF) of *ALL* worksheets, and look for the "Depreciation and Amortization Report" (it is the sideways spreadsheet). That shows the 'current' and 'prior' depreciation for each asset.

I

ilovejoelhuffAuthor

Employee

Thanks again!

T

TaxGuyBillAnswer

Employee

You are welcome. I'm glad I could help.