Yes. you would record the rental as business property. Here is how to report the sale of rental property:
- Open TurboTax.
- Go to "Wages and Income".
- Select "Rentals, Royalties, and Farm."
- Click "Show More," Select Rental Properties and Royalties (Sch. E).
- Select "Start."
- Answer Yes to the question Did you have any income from rentals or royalties?
- When you get to What are you here to report? select Rental property and fill out the description, address and owner.
- When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
- Continue following the prompts to enter information about your rental property. You will get to the Review your rental property screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent information.
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