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Question

Where in TT do we report the profit from the sale of a not-for-profit rental property. We are both retired and our 2021 AGI was only $45115 so we shld not have to pay tax

Forum|Forum|3 years ago
February 11, 2023
1 reply
0 views

Profit from sale was approx $100K. Rented to daughter and son-in-law. Purchased in 2015, sold in 2022.

TurboTax Online

If you did not file a Schedule E for the rental, you would report the sale as the sale of a second home. See Where do I enter the sale of a second home. Unfortunately, since you may still have some capital gain on the property because the $100K is added to the rest of your income to determine the rate.