Yes, TurboTax will calculate a depreciation recapture on a sale of rental property.
To report the sale of the rental property:
- Click Edit to the right of the rental activity at the screen Your 2023 rentals and royalties summary.
- Click Edit to the right of the rental property asset.
- Click Edit to the right of the rental property asset at the screen Your Property Asset.
- At the screen Did you stop using this asset in 2023, select Yes.
The entries will be reported on IRS form 4797 Sales of Business Property Part I and/or Part III.
You may view the entries at Tax Tools / Print Center / Print, save or preview this year's return / Just my tax return.
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