You are entering the disposal of the real rental property on your personal 1040 income tax return. The TurboTax Help, How do I enter a rental property I contributed to a partnership or LLC?, states:
To “dispose” of your property in TurboTax, enter it as a sale with no gain or loss. The “sale” price will be the adjusted basis (cost less accumulated depreciation). You will also use this same number as:
(1) the value of your contribution to the partnership, and
(2) the basis of the property on the partnership’s return.
For example, if you contributed a $100,000 rental property with accumulated deprecation of $60,000, your adjusted basis would be $40,000.
In the example above, the purchase price of the rental property was $100,000, less accumulated depreciation of $60,000 left an adjusted basis of $40,000. If the land price was $10,000 (land is not depreciated), and no sales expenses apply, the sales price would equal the asset basis. The numbers would be:
Asset sales price $40,000
Asset sales expenses $0
Land sales price $10,000
Land sales expenses $0
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