Tax deductions-6 month rental before selling last year

[Steve Weihe]

Morning all,

We sold our house late last year in San Diego and ended up renting it out for the previous 6 months as initially our buyers didn't qualify.  We spent almost $12k to get it rental ready (repairs, replacing worn out carpet and floors).

We used the sale proceeds as a down for our primary home and plan to live here for the long haul.  

We usually use TurboTax but it has us owing almost $2k even after deducting depreciation, repairs, child car etc.  I think we must be missing something.  We gross only about $100k total (wife and I).

Looks like a need a CPA versed in real estate.  Thanks for any advise you can offer.

[Ray Harrell]

Also if you rented and ultimately sold it, it may not be considered rental property expenses, but expenses incurred to facilitate the sale of a home. TurboTax is pretty good at asking all the relevant questions