Sale of rental property

Forum|Forum|4 years ago
February 7, 2022
25 replies
121 views

My returns over the last several years have included two rental properties. In 2021 I sold one of them. In this year's version I have answered questions about selling. I am told that the sale info will be input in the sales/depreciation section but it never asks me for a sales price!

I found some instructions on how to report the sale but they direct me to rentals and then are supposed to ask what I am here to report, but I never get that question. It goes straight into the data I have already input, mainly carried over from 2021 and includes my other rental.

Please advise.

Best answer by AmeliesUncle

Is this what you are doing?

In the introductory part of the rental section (where you enter the address, etc.), check the box that it was sold.
Edit the "assets" for depreciation. Look for the check box to say it was sold or disposed, and check that.
While still "editing" the "asset", when you get the "Special Situations" screen, in most cases you say "No", there are not Special Situations. Right after the Special Situations screen, it should start asking about the sale.

AmeliesUncleAnswer

Level 15

Is this what you are doing?

In the introductory part of the rental section (where you enter the address, etc.), check the box that it was sold.
Edit the "assets" for depreciation. Look for the check box to say it was sold or disposed, and check that.
While still "editing" the "asset", when you get the "Special Situations" screen, in most cases you say "No", there are not Special Situations. Right after the Special Situations screen, it should start asking about the sale.

briandsmithAuthor

Level 5

Thank you for this info.

I was checking "yes" on the special situations screen because it was a rental.

When I check "no" it does allow me to input the sales price.

I guess my question now is "what is the correct answer to the special situations screen in my case?

DianeW777

Level 15

You should answer 'No' to special situations since you sold one complete property. The special situations are self evident and if they do not apply to you then answering no is the correct response.