Sold Home in 2013 - Tom please help!

[proudarmywifewith4]

Tom,

We sold our home in August 2013. We are actually still living in the home and renting it back until our new home is complete. When reporting the amount of the sale, it asks about depreciation on it from a home business. Is this where we need to put how much we depreciated over the last 7 years we owned the home. I didn't know if that applied to all businesses though I assume so? It greatly affects the amount on our taxes so I want to be sure we are doing it correctly.

Thank you!

[TomCopeland]

sale of home

Tom,

We sold our home in August 2013. We are actually still living in the home and renting it back until our new home is complete. When reporting the amount of the sale, it asks about depreciation on it from a home business. Is this where we need to put how much we depreciated over the last 7 years we owned the home. I didn't know if that applied to all businesses though I assume so? It greatly affects the amount on our taxes so I want to be sure we are doing it correctly.

Thank you!

You must pay tax on all home depreciation you claimed between 1997 and the day you sold your home. There is no 7 year limit. You will find these amounts on your copy of Form 8829 each year. If you have further questions, contact me at 651-280-5991.

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here. http://events.r20.constantcontact.co...&llr=yatrx4cab