AmyC
Expert Alumni

Get your taxes done using TurboTax

Sale of business property with a loss is reported on form 4797 while property that was held for investment purposes would be on form 8949. For details see Sale or Trade of Business, Depreciation, Rentals | IRS

 

You need to return to your rental property and edit.

  1. Scroll down to assets/ depreciation, edit
  2. Go to asset summary, yes, continue
  3. Select the house, edit
  4. continue, continue, continue - basis adjustment in this area, if needed
  5. Tell Us More About this Rental Asset
  6. Select the box beside the item was sold, retired....
  7. Fill in the date you sold box
  8. Continue
  9. Special Handling Required? No
  10. Home Sale? No
  11. Sales Information, enter sales price and sales expenses, continue
  12. Personal residence? No
  13. Results.

You sold all the assets you were depreciating when you sold the house. You will need to go through and mark each item as sold. The other items will have a sales price of zero.

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