I am just now getting around to finishing my taxes. I sold 2 rent houses in 2007 that I did not depreciate on my tax returns over the 6 & 10 years I owned the 2 properties. I am using TaxCut software and everything is going fine except of one error (one on each property).
The error code for each property says: "Select the Internal Revenue Code section for the property sold". The choices are:
Section 1231
Section 1242
Section 1244
Section 1245
Section 1250
Section 1252
Section 1254
Section 1255
I have looked up the description for each code, I cannot figure out which code would go with a simple investment property sale. I have gone back to prior returns that a CPA prepared and there is no Revenue Code used. I have searched online, googled, went to the IRS site and it seems like it would be simple but this is whats keeping me from finishing my return.