- Open up your program for this year.
- Go to your rental
- Edit/Revisit/Update
- Rental and Royalty Summary screen
- Click Edit next to your property
- In property profile, continue through to Do Any of These Situations Apply to This Property?
- Mark that you sold the property and click continue until you get back to Review your Rental Summary
- Look down to Sale of Property/Depreciation, select Update
- Do you want to go directly to your asset summary?
- Select yes
- Your property assets screen
- you may have several things listed here, each needs to be disposed of. Let's work on the house. Select Edit
- Describe - rental real estate property, continue
- Tell us more - residential rental real estate, continue
- Tell us about this rental asset:
- description - whatever you have had in there for years, continue
- Tell Us More About This Rental Asset
- Mark that the item was sold and the date
- Then mark if it was always business and the date
- continue
- Confirm prior year depreciation and continue
- Special Handling Required? If it was your main home that was converted to a rental, you have all of the depreciation correct, enter NO. If it was always a rental, enter NO. Otherwise, when you answer yes, you go to different areas of the program depending on your situation and you will need to respond with your special situation.
- Home Sale, answer NO
- Enter Sales Information- Split 1099S between house and land sales price
- Enter sales expenses plus any costs while up for sale not on sch E
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