AmyC
Expert Alumni

Get your taxes done using TurboTax

Without seeing everything on your return,  here is what I can tell you. For a rental house, you must report the sale. You will need to  go to your depreciation of assets and mark that you sold/disposed of the property and each asset, continue through that section. See Need to enter sale of rental property where do I find this schedule?

 

The sales price should match the 1099-S you received.

The cost basis is what you paid, plus improvements plus expenses of sale.

Holding period would be long term if for more than 1 year.

Land does not depreciate, only the house.

The program tracks the depreciation for you over the years.

 

Other assets being depreciated, like appliances or a roof, must be marked as sold with a sales price of zero since they were not sold separately. 

See About Publication 544, Sales and Other Dispositions of Assets for details relating to you.


 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post