Sales, Trades, Exchanges

IRS Resources

Sales, Trades, Exchanges

What form(s) do we need to fill out to report the sale of rental property? What forms do we file to report a loss on the sale of a rental property? I have heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is this true? Can we move into our rental property, live there as our main home for two years, and sell it without having to pay capital gains tax? We sold a rental property last year and used the Tax Deferred Exchange rules under section 1031 to defer the gain into another like-kind property. How do I report this transaction on my tax return? I sold a rental property in which I had previous years' loss carryover due to the loss limitation rules. Can I recover the total carryover since the property has been disposed of?
Category: Sale or Trade of Business, Depreciation, Rentals
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Page Last Reviewed or Updated: February 07, 2012