Sold House which I rented part of? How to?

Forum|Forum|1 year ago
November 19, 2024
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I sold a duplex in 2024 in which I lived in one unit and rented the other. While owned, I treated the rental part as 40% of the home, and claimed depreciation on that percentage.

How do I enter this into TT? Do I split it into two assets and say I sold a home I lived in and a house I rented?

TurboTax Deluxe Online

Mike9241

since part of the property used for rental was not within the same dwelling unit used as the residential part of the home, you treat it as a sale of two properties and allocate the sales proceeds and costs between the two properties. This would include a duplex in which you lived in one unit and rented the other. The rental portion does not qualify for the section 121 exclusion.

reg 1.121-1(e)

the easiest way to do this in Turbotax is to report the sale of the rental portion using the schedule E on which you reported the rental and the home sale worksheet for the portion that was your residence.