I assume you are entering the information in Sales of Business Property, since there was no rental use in 2019.
- Once you are in your tax return, click on the “Business" tab ("Federal Taxes" tab in Premier)
- Next click on “Business Income and Expense" ("Wages and Income" tab in Premier)
- Next click on “I’ll choose what I work on” (Jump to full list)
- Scroll down the screen until to come to the section “Less Common Business Situations” ("Business Items" in Premier)
- Choose “Sale of Business Property” and select “start’
- Select "Sale of business or rental property that you haven't already reported"
- Sale of Business or Rental Property - yes
- Enter all the information about your Rental Property Sale here
- Description - address of property
- Date acquired - original acquisition date
- Date sold - date of sale (should be on 1099-S)
- Total sales price - total sales price (should be listed on 1099-S)
- Cost of property (or tax basis) plus expenses of sales - original cost plus any capital improvements plus expenses of sales
- Depreciation taken on this property - total depreciation taken property when rental (Please note the IRS will assume that you have taken the correct depreciation on your rental property while your property was available for rent regardless of whether you have actually take it or not)
- What type of property is this? - select - Rental estate that I took depreciation on.
- Installment sales - no if not on installment sale
- 2 screens that show the summary of what you have entered for your property sale
- Sale of Other Business Property - Choose yes if any of these situation apply, otherwise choose no.
For the CA withholding, enter it following these steps.
Federal Taxes tab
- Deductions and Credits
- I'll choose what I work on
- Estimates and Other Taxes Paid
- Other Income Taxes - click start or update
- Other Income Taxes Paid in 2019
- Withholding not already entered on a W-2 or 1099
