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S Urban
New Member

Partial sale of rental property

How do I report a 50% sale of a rental property I own that I sold as an installment sale?  I use Turbo Tax Premier and I can't seem to find where to report that only 50% was sold.  I'm not sure that the proper information is transferring over to Form 6252...do I report only 50% of the basis and accumulated depreciation there, or do I report 100% and the 50% will be automatically calculated?

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2 Replies

Partial sale of rental property

I think you're going to have to make the computations and enter this transaction into TurboTax manually since it is an installment sale.

 

@Mike9241?

Partial sale of rental property

I see no way Turbotax can do this automatically. In addition, did you sell a 50% undivided interest in the property so there is now joint ownership? This can further complicate matters because there may now be a partnership which normally requires filing 1065 to split income and expenses. I suggest you consult a tax pro if this is your situation.

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