- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@HelenC12 Thank you so much for answering my question during the weekend! Really appreciate it!
I am using Deluxe and seems to have different views. However, I was able to find most of the places you pointed me to on Deluxe.
I feel like I did enter all of the necessary information. However, TT calculated the capital gain simply using Sales Price - Sales Cost.
I have pasted the screen shots below.
Basically the town house was purchase in Mar 2008, we lived there for a few years and rented out from Dec 2013 till Dec 2019. We sold the house in Jan 2020. We have no rental income or rental expense in 2020, it was on the market for sale.
I entered the sales information at below place under Wages & Income > Rental Properties and Royalties:
I entered the Purchase Price and Purchase Date (Mar 2008) here:
Indicated the House was sold in Jan 2020 and date starting to rent the house (Dec 2013)
I entered the Accum. Depr taken during rental periods:
I entered Sales Price and Sales Expense:
TT calcuated Captial Gain = Sales Price - Sales Expense (179,000 = 180,00 - 1,000) , without considering the purchase price or accumulated depreciation: