Owned a home, rented it for 2 years, then sold - Still owe tax?

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sunny_socal
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Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

We had a home as a primary residence, then I got a job in another state and we moved. We rented out the old home for for exactly two years, then sold it.

I followed all the wizards in Turbotax this year and reported the fact that we sold the house. I had always believed that if one lived in a house for at least 2 of the last 5 years then it would be free of capital gain tax.
https://www.irs.gov/taxtopics/tc701

However it seems like turbotax is estimating that we'll owe $30k tax on the sale! :shock:

- Original purchase price in 2013: 565k
- Basis at start of rental in 2018: 595k (ie. added 30k of improvements)
- Sale price in 2020: 775k
- Sales expenses: 45k (added up all the stuff in the sales contract)
- Allocation of land/structure: 25% land, 75% improvement

I had been dreading the day when I'd need to file taxes. So that day is here and my dread was well founded. I had been hoping TT would say "Congratulations, since you lived in that home 2 of the last 5 years you don't need to pay capital gains tax!" Instead I'm stuck with a big bill.

I haven't submitted this yet so I can still play around with it. What did I miss?

Thanks
Normchad
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Normchad »

I’ll follow this thread. I thought the same as you.......
Marseille07
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

Yeah I thought the same as you as well. Should qualify for the exclusion and cap gains should not be taxed...I'll have to report my sale next year.
stan1
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by stan1 »

Personally I would go into Forms view and try to analyze the data that was entered to see how the TT came to the conclusion that tax would be owed.

If tax is in fact owed, the state may want its share too.
JoeJohnson
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by JoeJohnson »

sunny_socal wrote: Sat Mar 27, 2021 11:17 am We had a home as a primary residence, then I got a job in another state and we moved. We rented out the old home for for exactly two years, then sold it.

I followed all the wizards in Turbotax this year and reported the fact that we sold the house. I had always believed that if one lived in a house for at least 2 of the last 5 years then it would be free of capital gain tax.
https://www.irs.gov/taxtopics/tc701

However it seems like turbotax is estimating that we'll owe $30k tax on the sale! :shock:

- Original purchase price in 2013: 565k
- Basis at start of rental in 2018: 595k (ie. added 30k of improvements)
- Sale price in 2020: 775k
- Sales expenses: 45k (added up all the stuff in the sales contract)
- Allocation of land/structure: 25% land, 75% improvement

I had been dreading the day when I'd need to file taxes. So that day is here and my dread was well founded. I had been hoping TT would say "Congratulations, since you lived in that home 2 of the last 5 years you don't need to pay capital gains tax!" Instead I'm stuck with a big bill.

I haven't submitted this yet so I can still play around with it. What did I miss?

Thanks
Did you take depreciation on the rental property?
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sunny_socal
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

JoeJohnson wrote: Sat Mar 27, 2021 11:31 am
Did you take depreciation on the rental property?
Yes, I believe so - it was part of the many things rolled up as an expense when filing during the rental years. Are you implying that this may be some kind of depreciation clawback?

As for the other question on the "exactly two years" - well it was two years, not 1.5 or 2.5 I don't see how that would make a difference either way. I should easily qualify for the exemption given our time frame.

Oh and "forms view" is not available in the Online version of TT.
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sunny_socal
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

So I found this handy calculator:
https://apiexchange.com/capital-gain-tax-calculator/

I entered my numbers, the result is eerily close to what TT is coming up with. And neither case seems to consider my bought/sold dates at all.
How does one coerce TT into taking the 2/5 rule into account?

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Marseille07
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

Not sure how accurate, but this source says you don't have to report the sale: https://ttlc.intuit.com/community/tax-c ... /00/568307

Maybe this is why TurboTax doesn't handle it when you enter the numbers...
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sunny_socal
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

Marseille07 wrote: Sat Mar 27, 2021 11:53 am Not sure how accurate, but this source says you don't have to report the sale: https://ttlc.intuit.com/community/tax-c ... /00/568307

Maybe this is why TurboTax doesn't handle it when you enter the numbers...
Going with that approach seems to be asking for audit.
- 2018: Moved, rented the house, claimed depreciation to offset rental income
- 2019: As above
- 2020: What rental? I never had one

I could understand having to pay a clawback tax on the depreciation I claimed but don't think I should be paying capital gains.
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Metsfan91
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Metsfan91 »

sunny_socal wrote: Sat Mar 27, 2021 11:17 am We had a home as a primary residence, then I got a job in another state and we moved. We rented out the old home for for exactly two years, then sold it.

I followed all the wizards in Turbotax this year and reported the fact that we sold the house. I had always believed that if one lived in a house for at least 2 of the last 5 years then it would be free of capital gain tax.
https://www.irs.gov/taxtopics/tc701

However it seems like turbotax is estimating that we'll owe $30k tax on the sale! :shock:

- Original purchase price in 2013: 565k
- Basis at start of rental in 2018: 595k (ie. added 30k of improvements)
- Sale price in 2020: 775k
- Sales expenses: 45k (added up all the stuff in the sales contract)
- Allocation of land/structure: 25% land, 75% improvement

I had been dreading the day when I'd need to file taxes. So that day is here and my dread was well founded. I had been hoping TT would say "Congratulations, since you lived in that home 2 of the last 5 years you don't need to pay capital gains tax!" Instead I'm stuck with a big bill.

I haven't submitted this yet so I can still play around with it. What did I miss?

Thanks
Even without improvements, capital gain is 210k. For a single filer, 250k is tax free... Turbo tax ran some questionnaires and you provided answers. Your answers to these questions might be the reason for huge tax bill. If I were you, I'd be revisiting these questionnaires.
"Know what you own, and know why you own it." — Peter Lynch
Chip
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Chip »

I think it would be best to go to the source: IRS Pub 523.

It appears to me that you're eligible for the cap gain exclusion but you must recapture depreciation. But it's fairly complex. I suggest you go through the worksheets in Pub 523 (Wksht 3 in particular) to understand the process.
Marseille07
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

sunny_socal wrote: Sat Mar 27, 2021 11:59 am
Marseille07 wrote: Sat Mar 27, 2021 11:53 am Not sure how accurate, but this source says you don't have to report the sale: https://ttlc.intuit.com/community/tax-c ... /00/568307

Maybe this is why TurboTax doesn't handle it when you enter the numbers...
Going with that approach seems to be asking for audit.
- 2018: Moved, rented the house, claimed depreciation to offset rental income
- 2019: As above
- 2020: What rental? I never had one

I could understand having to pay a clawback tax on the depreciation I claimed but don't think I should be paying capital gains.
Yeah I guess your situation is more complex because of rental already reported in previous years.
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sunny_socal
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

Marseille07 wrote: Sat Mar 27, 2021 12:07 pm
Yeah I guess your situation is more complex because of rental already reported in previous years.
But doesn't everyone? This has to be a very common situation.
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

sunny_socal wrote: Sat Mar 27, 2021 12:37 pm
Marseille07 wrote: Sat Mar 27, 2021 12:07 pm
Yeah I guess your situation is more complex because of rental already reported in previous years.
But doesn't everyone? This has to be a very common situation.
I deducted mortgage interest payment or whatever, but I don't believe I reported anything after I became mortgage-free. I will check with my realtor but if I don't receive 1099-S, there's a high chance I won't report my sale as I also qualify for the exclusion. I have paperwork necessary to make my case if I ever get audited.
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sunny_socal
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

This is all so strange. Maybe I should just not report it.

Reason 1: The IRS says if I'm meet the exclusion test I don't need to report it
https://www.irs.gov/taxtopics/tc701

Reason2: I didn't get a form 1099-S (also mentioned at the link above)
https://turbotax.intuit.com/tax-tips/ho ... y#paytaxes


For some reason I thought all that AI built into TurboTax would do the right thing on my behalf, ie. it could figure out based on my purchase/rental/sale dates that I met the IRS requirements.
Marseille07
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

sunny_socal wrote: Sat Mar 27, 2021 12:53 pm For some reason I thought all that AI built into TurboTax would do the right thing on my behalf, ie. it could figure out based on my purchase/rental/sale dates that I met the IRS requirements.
As speculated above, the reason why it isn't built into TT is *probably* because you don't have to report it at all, i.e. those who use this feature would not meet the exclusion, thus has to be calculated.

I'm sure this feature request had been raised years ago and they probably purposely didn't build it in.
drk
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by drk »

sunny_socal wrote: Sat Mar 27, 2021 12:53 pm This is all so strange. Maybe I should just not report it.

Reason 1: The IRS says if I'm meet the exclusion test I don't need to report it
https://www.irs.gov/taxtopics/tc701

Reason2: I didn't get a form 1099-S (also mentioned at the link above)
https://turbotax.intuit.com/tax-tips/ho ... y#paytaxes

For some reason I thought all that AI built into TurboTax would do the right thing on my behalf, ie. it could figure out based on my purchase/rental/sale dates that I met the IRS requirements.
Did you complete the worksheet for figuring out how much is taxable? It includes adjusting your gain to recapture depreciation.
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

drk wrote: Sat Mar 27, 2021 1:08 pm
sunny_socal wrote: Sat Mar 27, 2021 12:53 pm This is all so strange. Maybe I should just not report it.

Reason 1: The IRS says if I'm meet the exclusion test I don't need to report it
https://www.irs.gov/taxtopics/tc701

Reason2: I didn't get a form 1099-S (also mentioned at the link above)
https://turbotax.intuit.com/tax-tips/ho ... y#paytaxes

For some reason I thought all that AI built into TurboTax would do the right thing on my behalf, ie. it could figure out based on my purchase/rental/sale dates that I met the IRS requirements.
Did you complete the worksheet for figuring out how much is taxable? It includes adjusting your gain to recapture depreciation.
There isn't much to calculate as the OP already knows they don't owe any taxes. The worksheet is for those who might be at the borderline. They should be fine provided they have enough paperwork to make their case should they be audited.
drk
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by drk »

Marseille07 wrote: Sat Mar 27, 2021 1:11 pm There isn't much to calculate as the OP already knows they don't owe any taxes.
Eh? It's necessary to calculate in order to determine that there are no taxes owed on the gain.
Marseille07 wrote: Sat Mar 27, 2021 1:11 pm The worksheet is for those who might be at the borderline. They should be fine provided they have enough paperwork to make their case should they be audited.
Right, and the worksheet is another record to save for later in case the IRS asks.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

drk wrote: Sat Mar 27, 2021 1:18 pm
Marseille07 wrote: Sat Mar 27, 2021 1:11 pm There isn't much to calculate as the OP already knows they don't owe any taxes.
Eh? It's necessary to calculate in order to determine that there are no taxes owed on the gain.
Marseille07 wrote: Sat Mar 27, 2021 1:11 pm The worksheet is for those who might be at the borderline. They should be fine provided they have enough paperwork to make their case should they be audited.
Right, and the worksheet is another record to save for later in case the IRS asks.
The OP made 210K...well within the 250K exclusion (if single) or 500K if jointly. There's little point calculating & making the cap gains smaller when the whole thing easily fits within the exclusion.

Worksheet might help, but the OP can easily show the closing statements of buying / selling and call it a day.
Braje
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Braje »

Marseille07 wrote: Sat Mar 27, 2021 12:46 pm
sunny_socal wrote: Sat Mar 27, 2021 12:37 pm
Marseille07 wrote: Sat Mar 27, 2021 12:07 pm
Yeah I guess your situation is more complex because of rental already reported in previous years.
But doesn't everyone? This has to be a very common situation.
I deducted mortgage interest payment or whatever, but I don't believe I reported anything after I became mortgage-free. I will check with my realtor but if I don't receive 1099-S, there's a high chance I won't report my sale as I also qualify for the exclusion. I have paperwork necessary to make my case if I ever get audited.
You still have to recapture the depreciation taken or that should have been taken
Marseille07
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Marseille07 »

Braje wrote: Sat Mar 27, 2021 1:56 pm
Marseille07 wrote: Sat Mar 27, 2021 12:46 pm
sunny_socal wrote: Sat Mar 27, 2021 12:37 pm
Marseille07 wrote: Sat Mar 27, 2021 12:07 pm
Yeah I guess your situation is more complex because of rental already reported in previous years.
But doesn't everyone? This has to be a very common situation.
I deducted mortgage interest payment or whatever, but I don't believe I reported anything after I became mortgage-free. I will check with my realtor but if I don't receive 1099-S, there's a high chance I won't report my sale as I also qualify for the exclusion. I have paperwork necessary to make my case if I ever get audited.
You still have to recapture the depreciation taken or that should have been taken
Yeah it might be a good idea for the OP. Mine was never a rental property.
RetireSomeday5
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by RetireSomeday5 »

I thought the new rule was to pro-rate.. That is, if OP lived for 2 of 5, then 1-(2/5)=3/5 is taxable?
Chip
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Chip »

sunny_socal wrote: Sat Mar 27, 2021 12:53 pm This is all so strange. Maybe I should just not report it.

Reason 1: The IRS says if I'm meet the exclusion test I don't need to report it
https://www.irs.gov/taxtopics/tc701

Reason2: I didn't get a form 1099-S (also mentioned at the link above)
https://turbotax.intuit.com/tax-tips/ho ... y#paytaxes


For some reason I thought all that AI built into TurboTax would do the right thing on my behalf, ie. it could figure out based on my purchase/rental/sale dates that I met the IRS requirements.
The tax topic you reference is a heavily abbreviated summary that doesn't cover all situations, including yours. Read Pub 523 and use the worksheets to get the full picture.

Failure to receive a 1099-S isn't a valid reason to avoid reporting the sale if the law otherwise requires it, no matter what you read on the intuit site.
Millennial
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Millennial »

Braje wrote: Sat Mar 27, 2021 1:56 pm
Marseille07 wrote: Sat Mar 27, 2021 12:46 pm
sunny_socal wrote: Sat Mar 27, 2021 12:37 pm
Marseille07 wrote: Sat Mar 27, 2021 12:07 pm
Yeah I guess your situation is more complex because of rental already reported in previous years.
But doesn't everyone? This has to be a very common situation.
I deducted mortgage interest payment or whatever, but I don't believe I reported anything after I became mortgage-free. I will check with my realtor but if I don't receive 1099-S, there's a high chance I won't report my sale as I also qualify for the exclusion. I have paperwork necessary to make my case if I ever get audited.
You still have to recapture the depreciation taken or that should have been taken
This is what's going on. It's depreciation recapture. OP should probably amend prior years returns to take the depreciation and might come somewhere close to even.
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by sunny_socal »

Marseille07 wrote: Sat Mar 27, 2021 1:23 pm
drk wrote: Sat Mar 27, 2021 1:18 pm
Marseille07 wrote: Sat Mar 27, 2021 1:11 pm There isn't much to calculate as the OP already knows they don't owe any taxes.
Eh? It's necessary to calculate in order to determine that there are no taxes owed on the gain.
Marseille07 wrote: Sat Mar 27, 2021 1:11 pm The worksheet is for those who might be at the borderline. They should be fine provided they have enough paperwork to make their case should they be audited.
Right, and the worksheet is another record to save for later in case the IRS asks.
The OP made 210K...well within the 250K exclusion (if single) or 500K if jointly. There's little point calculating & making the cap gains smaller when the whole thing easily fits within the exclusion.

Worksheet might help, but the OP can easily show the closing statements of buying / selling and call it a day.
Ok I went through the worksheets and saw no surprises. (Yes I'm filing "Married Jointly" in case anyone is wondering.)

Perhaps the web version of Turbotax has some bug? Now I can't even edit or delete some of the sections related to the rental. Might need to start over.
Slacker
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Slacker »

Not owing capital gains is one thing.

Since you sold for more than the original cost basis, it clearly did not depreciate and you need to pay the depreciation recapture tax on the amount depreciated (I think you do get to subtract unused depreciation from the two years of renting it out in the case of having earned too much income to use depreciation while not being a real estate professional).

https://smartasset.com/taxes/depreciation-recapture
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by cchrissyy »

did you tell turbotax about the years you occupied it before being a rental?

I don't see that info in this thread. I see 2 years as a rental and i see you lived in it before but i don't know how long.

I wonder if that is your missing puzzle piece now that you understand the depreciation recapture is the rest of the answer to why you owe tax.
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by mnsportsgeek »

If you lived in the house 3 of the last 5 years you shouldn’t owe tax. TurboTax is messing up or you aren’t telling TurboTax the full story.
denovo
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by denovo »

sunny_socal wrote: Sat Mar 27, 2021 11:17 am We had a home as a primary residence, then I got a job in another state and we moved. We rented out the old home for for exactly two years, then sold it.

I followed all the wizards in Turbotax this year and reported the fact that we sold the house. I had always believed that if one lived in a house for at least 2 of the last 5 years then it would be free of capital gain tax.
https://www.irs.gov/taxtopics/tc701

However it seems like turbotax is estimating that we'll owe $30k tax on the sale! :shock:

- Original purchase price in 2013: 565k
- Basis at start of rental in 2018: 595k (ie. added 30k of improvements)
- Sale price in 2020: 775k
- Sales expenses: 45k (added up all the stuff in the sales contract)
- Allocation of land/structure: 25% land, 75% improvement

I had been dreading the day when I'd need to file taxes. So that day is here and my dread was well founded. I had been hoping TT would say "Congratulations, since you lived in that home 2 of the last 5 years you don't need to pay capital gains tax!" Instead I'm stuck with a big bill.

I haven't submitted this yet so I can still play around with it. What did I miss?

Thanks
Did you tell TT you used it as a primary
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trueblueky
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by trueblueky »

Chip wrote: Sat Mar 27, 2021 12:06 pm I think it would be best to go to the source: IRS Pub 523.

It appears to me that you're eligible for the cap gain exclusion but you must recapture depreciation. But it's fairly complex. I suggest you go through the worksheets in Pub 523 (Wksht 3 in particular) to understand the process.
^^ This.
The situation is sufficiently complex, and the dollar amount is sufficiently high, that a tax professional is advisable. In no particular order:
1) tax attorney,
2) CPA, or
3) an enrolled agent.
Make sure they have worked in this area of taxes.
trueblueky
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by trueblueky »

Slacker wrote: Sat Mar 27, 2021 2:43 pm Not owing capital gains is one thing.

Since you sold for more than the original cost basis, it clearly did not depreciate and you need to pay the depreciation recapture tax on the amount depreciated (I think you do get to subtract unused depreciation from the two years of renting it out in the case of having earned too much income to use depreciation while not being a real estate professional).

https://smartasset.com/taxes/depreciation-recapture
Agree. The depreciation recapture is regular income (not capital gains). For this rental property, it is limited to 25% of the depreciation, as shown in the spreadsheet that was posted above.
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galawdawg
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by galawdawg »

As others have mentioned, allowed and allowable depreciation will account for some tax liability. See https://www.irs.gov/faqs/capital-gains- ... home-etc-5

And yes, you are required to report the sale of the rental property. While it is not terribly complex, you want to be sure to pay what you are required, no more and no less. As trueblueky suggested, having a professional review this with you would be worth the money spent. A competent and experienced tax preparer should be able to handle this. IANYL...

Good luck!
tj
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by tj »

It should be your depreciation recapture tax. Did you use TurboTax in the years that you rented it out?

I used turbotax when I sold my personal residence-turned-rental property. And the 3 years that I rented it out.

Looking at my historical returns,

In 2015, I had $8143 of cap gain from sale of my rental property. TurboTax applied 25% rate on the $8143.

In 2013, I depreciated $1239.
In 2014, I depreciated $4249.
In 2015, I depreciated $2655

These depreciation numbers equal 8143, the amount of depreciation recaptured in the year when sold.
MarkNYC
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by MarkNYC »

The portion of the gain attributable to depreciation taken is not eligible for the principal residence exclusion. Let's say you took $32K depreciation over the 2-year rental period. This reduces adjusted basis by $32K and increases the gain by $32K. Upon sale, the $32K portion of the gain is not recaptured as ordinary income but is taxed on Schedule D as a specific type of capital gain called an "unrecaptured Sec. 1250 gain" which is taxed at a maximum rate of 25%. The remainder of the gain is eligible for the exclusion.

I'm not familiar with Turbotax but you may be incorrectly showing the transaction as a sale of a rental property rather than a sale of a principal residence.
Iorek
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by Iorek »

Also as some people have indirectly explained, you have to pay tax on depreciation you could have taken, whether or not you actually took it.
MarkNYC
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by MarkNYC »

Iorek wrote: Sun Mar 28, 2021 6:07 pm Also as some people have indirectly explained, you have to pay tax on depreciation you could have taken, whether or not you actually took it.

Not necessarily. In the OP's situation, if $32K of depreciation was allowable during the 2-year rental period, then adjusted basis is reduced by $32K and the gain increased by $32K regardless of whether or not depreciation was claimed. However, the amount of the gain classified as an Unrecaptured Sec 1250 gain which is taxed at a maximum of 25% and not eligible for the exclusion, is limited to the lesser of the amount of depreciation allowable and the amount actually claimed (allowed), per IRC Sec 1250(b)(3) and 121(d)(6). So if no depreciation was actually claimed/allowed, then 100% of the gain is a capital gain and fully eligible for the principal residence exclusion.

This is a fair result. Since the taxpayer did not claim 32K of rental property deductions that would have lowered ordinary income, then $32K of the gain should not be carved out of the amount of the gain eligible for the exclusion.
IMO
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by IMO »

Iorek wrote: Sun Mar 28, 2021 6:07 pm Also as some people have indirectly explained, you have to pay tax on depreciation you could have taken, whether or not you actually took it.
I think many people do not understand that it doesn't matter if you did or didn't depreciate the property when it was a rental, you still must pay tax on the depreciation recapture that one should have taken even if you didn't claim it as a rental expense on Schedule E.

One can go back and amend prior tax returns on the depreciation that should have been taken if it wasn't.

I would be curious to hear what a qualified CPA would be saying on the topic?
carolinaman
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Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

Post by carolinaman »

Call TurboTax and see what they say. I have been able to resolve numerous issues with them over the years. They are more accessible now before the deadline nears.
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