How do I report rental property sale in New York state return?

[kuentingshiu]

Hi,

I am the resident of Texas, and I sold my condo in New York State last year. I can report this rental property sale  in federal return using Turbotax. However, I cannot find where to report this rental property sale in the NY state package of Turbotax. How can I input the info (e.g., sale, cost, depreciation...,etc.) of this rental property sale in Turbotax for my NY state return?

[JamesG1]

In TurboTax Online Premium, follow these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & income.
• Scroll down to Rentals, Royalties, and Farm.  Click the down arrow.
• Select Start / Revisit to the right of Rental Properties and Royalties.
• At the screen Your 2023 rentals and royalties summary, select Edit.
• Select Edit to the right of Rental property info.
• At the screen Review your rental property info, select Edit  under Address.
• At the screen We'll start with some basic info on your rental, have you correctly entered the physical address of the rental property that refers to New York state?

They you must report the sale of the rental property.

• Scroll down to Assets and select Edit to the right of Rental Property.
• At the screen Your Property Assets, select Edit to the right of the rental property to be sold.
• You will report the disposal of the asset at the screen Did you stop using this asset in 2023 and the screen thereafter.

The software should be able to determine that the asset was New York state sourced and prompt you for a New York nonresident state income tax return.

[kuentingshiu]

I already inputted my rental property's info in federal taxes, and Turbotax was able to create proper forms (e.g., Form 4797, Schedule E..., etc.) to reflect my rental property sale in federal tax return. However, Turbotax seems unable to determine that my rental property was New York state, and therefore turbotax does not ask anything about my rental property sale in NY state package. I am using downloaded Turbotax in Window. How can I tell Turbotax to incorporate my rental property sale in NY state return?

[ThomasM125]

The income associated with your rental sale as reported on your federal return would transfer down to your New York state return automatically. You can look on your tax summary for New York to verify if the income reported there looks correct as follows:

To view your state tax summary:

1. While working in your state program, Choose Tax Tools from your left menu bar in TurboTax Online
2. Choose Tools
3. Choose View Tax Summary
4. Choose the Back option in the left menu bar when you are done 

Also, Form IT-203, Non-resident income tax return for New York lists the federal Form 4797 income on line 8. This is the form that would report your rental sale. You can view the Form IT-203 before you file the tax return, after you pay for the program: