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Get your taxes done using TurboTax
Yes, you can use that approach if you choose. Yes, the overall gain will be the same, however the land had no depreciation so you could enter that as a separate sale.
No you cannot use mortgage interest, property taxes, or utilities or the condo fees as a sales expense. If the property was not available it would be expenses to maintain the property for sale. However, you could take that one month of real estate tax as an itemized deduction because it is not a requirement for the property tax be for your home.
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‎April 13, 2023
10:51 AM