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Primary Residence Exclusion for Taxes

Posted on 3/15/19 at 10:51 am
Posted by Kemosabie
Atlanta
Member since Oct 2008
25 posts
Posted on 3/15/19 at 10:51 am
I sold a condo last year that I lived in for 2 years and then rented for 2 years thus qualifying for the capital gains tax exclusion. The closing attorney didn't submit a 1099-S, so I don't think I have to show the sale, but I'm not sure how to show depreciation recapture. Should I just show that the asset was taken out of service and not indicate the sale? Turbotax is trying to make me use the self-employed package, but I don't think I need those forms.

I know, I should consult a tax professional. It just doesn't seem like it should be that complicated to figure out.
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