Sold my rental home
I sold my home, at below the assessed market price due to to depreciation damages of from the tenant, can I use this as a deduction if the d difference of the market value assessed. And what about Capital gains. I didn't live in the home for the last 5 years. Only the first 5 when purchased.
Best Answer
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You can report a loss on the sale of the rental home since it is or was an income producing property. Make sure you report the sale though the Rental Income section. See the Depreciable Assets section for Rental Income.
You can also report any costs from repairs as part of your rental expenses or the sale of the property.
Since you did not didn't live in the home for the last 5 years, there are no capital gains to report.
Answers
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sold my home, at below the assessed market price due to to depreciation damages of from the tenant, can I use this as a deduction if the d difference of the market value assessed. And what about Capital gains. I didn't live in the home for the last 5 years. Only the first 5 when purchased.