Tax deductions-6 month rental before selling last year
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.
Most Popular Reply
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