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Old 03-04-2016, 11:58 AM
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primary resident (with home office) to rental to sale

1.Bought primary home 2008 for $170,000 (improvements $30,000)
a. Used one room as home office in 2010,2011,2012 (took total of $647.94 depreciation (cost basis was $8537.97, method SL,Recovery period 39))
b. Rented out room in all of 2012 and 5 months of 2013 (didnt take depreciation)

2.In November 2013 moved and rented the whole house from 12/2013 to 6/2015 (took $6967 deprecation cost basis was $121,010 method SL,Recovery period 27.5))

3. Sold it in 7/2015 for $204,000 (Selling cost of $16,000).

I am confused on how to report this on form 4797.Do i report it in part I because it is a loss and divide it between land and building?What dates do I use for date acquired? Or do I need to report the land section in part I of 4797 and building in part III line 19.

Also do I put down section 121 exclusion in part I of 4797 line 2 where land is because it wasn't depreciated and there was a gain.


I am so confused,i really appreciate your help



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