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Updated almost 12 years ago,

User Stats

165
Posts
46
Votes
Eric Thomson
  • Real Estate Broker
  • Conroe, TX
46
Votes |
165
Posts

How to report sale of rental property I lived in 2 of previous 5 years in TurboTax

Eric Thomson
  • Real Estate Broker
  • Conroe, TX
Posted

I am filing my taxes using TurboTax Home & Business and I'm filing later than normal specifically because of this issue that the TurboTax hotline has been unable to help with. This is probably the last year I try to do my taxes on my own...

My question is how do I avoid (ie: where do I enter it in TurboTax) the Capital Gains taxes on the sale of a personal property turned income property? I meet the requirements (lived in property 2 of last 5 years, well under the profit cap). I can enter the sale of the property (in "Less Common Business Situations") and it increases what I owe in taxes and I see nowhere to take this exemption...

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