Rental property or personal property


L

Leann

I sold my property that I rented out for 6 years, but has not been rented out
for the past 7 years. Is this a sale of rental property? How do I report
this sale on my taxes? What forms do I use?
 
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S

Stuart A. Bronstein

Leann said:
I sold my property that I rented out for 6 years, but has not
been rented out for the past 7 years. Is this a sale of rental
property? How do I report this sale on my taxes? What forms do
I use?
Exactly what did you do with the property for the past seven years?
Did you advertise it for rent? How was it used?
 
L

lotax

Leann, you've got a long-term capital gain that should be reported on your Schedule D, or a long-term capital loss that is non-deductible. And don't forget to reduce the original cost of the house by the depreciation that you claimed - or should have claimed - as a deduction during the time you rented the house out.
 
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R

remove ps

Leann said:
responding to
http://www.beansmart.com/taxes/rental-property-or-personal-property-40636-.htm


No, I did not advertise it for rent. I converted it to personal use
and let my son live there rent free.
If you have business property that you convert to personal use you
don't get the full 250k/500k exemption. Also, you can't use the
exemption to cover depreciation. Though since you didn't live in the
house at all, you don't get any exemption.

I know sure whether you use Schedule D or form 4797 to report the sale.
 

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