You'll need to sign in or create an account to connect with an expert.
UPDATED FOR TAX YEAR 2019
You can make an educated guess. Enter an estimate of your income for the year in your return.
Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be. To preview you 1040, please follow these steps:
Capital gains = Net Sales Price - Adjusted Cost Basis
You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price. This would, of course, overestimate any gain.
Getting back to the original formula:
Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)
Adjusted basis:
TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.
[Edited | 3/26/2020 | 11:35am PDT]
UPDATED FOR TAX YEAR 2019
You can make an educated guess. Enter an estimate of your income for the year in your return.
Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be. To preview you 1040, please follow these steps:
Capital gains = Net Sales Price - Adjusted Cost Basis
You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price. This would, of course, overestimate any gain.
Getting back to the original formula:
Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)
Adjusted basis:
TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.
[Edited | 3/26/2020 | 11:35am PDT]
You will have to enter that the rental property was sold, as well as any assets related to the property that you may have entered separately (for example, new roof, appliances, improvements).
To do this please follow these steps:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
elvatoloco88
New Member
AlexSagrat
Level 2
J-lesser
Returning Member
RSEckton
New Member
Mike356
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.