Good Afternoon! Great question! Very smart to be proactive!
It depends on the type of investment property you sold. Generally, you will need the cost basis of property when purchased (Settlement Statement), the sales proceeds when sold (Settlement Statement &/or 1099S), and any selling expenses (listed on Settlement Statements) or capital improvements (personal receipts). Also, if the property was subject to depreciation, you will need to recapture any allowed or allowable depreciation.
TurboTax software will ask you detailed questions to assist you in reporting correctly. TurboTax Live has CPA, EA, and JD available to answer any questions you may have along the way. Our Full Service team of credentialed Tax Experts can complete your taxes for you and guide you through any information needed or questions you may have.
Here's a great article: https://www.irs.gov/faqs/sale-or-trade-of-business-depreciation-rentals
Here's a great thread for step by step help: https://ttlc.intuit.com/community/taxes/discussion/how-to-report-rental-property-sale-by-turbotax-is...
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
