Hi DianeW777.
I sold a rental property for a gain that I owned for many years in March 2020. The tenant moved out and stopped paying rent on November 30, 2019 and I put it on the market for sale on December 1, 2019. How do I enter the sale into Turbo Tax? I see three options and none of them seem to work. First, in reading through this thread, TT 2020 does not ask the necessary questions to provide for depreciation recapture, so I cannot enter it as a sale of a second home.
Second, I cannot enter it as a Sale of Certain Business Property since according to TT’s On Demand Tax Guidance box for Sale of Business Property, it must be an installment sale to enter it there, stated as follows:
Sale of Certain Business Property
What business sales do I report here?
You can have business property sales from a variety of sources, such as:
- Sale of land, mineral property, or inventory
- Recapture of a previously taken section 179 deduction
- Non-recaptured section 1231 losses
- Profit from the sale or trade of property you held for investment (like-kind exchange)
- Sales of stock, real estate, autos or anything else for which you receive payments in two or more tax years (installment sale).
Third, I cannot enter it as a sale of a rental property. When I indicated that “I sold or disposed of this property in 2020” and responded on the following screen “No, this property was not rented all year” and “I did not rent, or attempt to rent this property at all in 2020” I received the message “Since the property was not a rental at all in 2020, you should delete it as a rental.”
I am at a loss where or how to enter this transaction……please help.
Thank you.
