In TurboTax Desktop Premier version, follow these steps to delete a rental asset.
- Go to Federal Taxes / Wages & Income / I'll choose what I work on / Rental properties and Royalties.
- Select Update to the right.
- Continue through several screens.
- At the screen Rental and Royalty Summary, click Edit for the rental activity.
- At the screen Review your rental summary, click Update to the right of Sale of Property / Depreciation.
- At the screen Do you want to go directly to your asset summary?, select Yes.
- At the screen Your Property Assets, select Delete to the right of the asset to be deleted.
You may find that the sale of the rental property generates a recapture of depreciation on IRS Form 4797 Part III line 22 that accounts for the gain that you are seeing.
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