I recommend researching topics using google not forums to understand what's involved in reporting the sale of a rental property and making notes to understand what the different components involved are. First is the question of is it a long term investment or short term (held 1 year or longer) because different rules apply. Was this a business or investment sale, etc. I can talk to only the sale of a long term investment property Sch. E, which you should have taken depreciation on over the year(s). Depreciation in this case is only ever on the building portion of the purchase price spread out over 27 years (not the land because land does not get old). I had a CPA figure that part out for me the first year and do my taxes, then I took over once it was established. Then once you sell, you will have capital gains probably on the gain (difference between purchase price and sale price minus allowable deductions like real estate fees), but separately the government now wants the tax right offs of depreciation you took over the years paid back to them, so you need to know how much depreciation you took, which should be in your prior tax program you imported if you used Turbo last year too, otherwise you must enter the total you took over the years you had the investment, but look out here's the caughter "whether or not you took the depreciation but could have according to the IRS". If you used Turbo tax last year, this should be figured out for you although I would make sure it is correct, it gets buggy some times. Good luck!
