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Thread: Sale of rental that qualifies for exclusion

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    Join Date
    Jan 2015
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    Default Sale of rental that qualifies for exclusion

    Client used single-family residence as rental property for a couple years, sold it in 2016. Satisfies ownership/use tests and hasn't previously used the exclusion. Therefore, the only gain is on the depreciation allowable during rental period. Question is how to report it? I don't think 8949 applies b/c there's no taxable gain and that I only need to use a 4797. The only way I can see to get the figures to show correctly (i.e., with the depreciation as the only taxable gain) is to make basis adjustments to the building and land in the fixed assets module in order to exclude the gain not attributable to depreciation. I get the feeling I'm doing something out of whack. BTW, I use ATX tax software. Any advice is much appreciated. Thank you.
    Last edited by mbigelow; 07-07-2017 at 06:42 PM.

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