If you did not rent this property at all in 2023, you will need to report this as the Sale of Business Property rather than a rental sale.
Enter this transaction in the Business Items section of TurboTax Home & Business, under Sale of Business Property. This sale will be included in your tax return on Form 4797 and the gain or loss included on Line 14 of your Form 1040.
To add this information to your return in TurboTax Home & Business:
- Select the Business Tab
- Select Business Income and Expenses
- Select I'll choose what I work on
- Scroll down to Less Common Business Situations
- Select the Start/Update button next to Sale of Business Property
- Follow the prompts from here and answer the interview questions related to the sale. You will need to know the total depreciation taken while it was reported as a rental property.
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