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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.
- Scroll down to assets/ depreciation, edit
- Go to asset summary, yes, continue
- Select the house, edit
- continue, continue, continue - basis adjustment in this area, if needed
- Tell Us More About this Rental Asset
- Select the box beside the item was sold, retired....
- Fill in the date you sold box
- Continue
- Special Handling Required? No
- Home Sale? No
- Sales Information, enter sales price and sales expenses, continue
- Personal residence? No
- 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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March 31, 2021
3:56 PM