Follow these directions for the sale of a rental property.
- Click the magnifying glass at the upper right hand corner of the screen and enter 'rental property'. Enter.
- Click the link 'Jump to rental property'.
- At the screen Your property assets, click on Edit for the rental property.
- At the screen Did You Stop Using This Asset in 2021?, click Yes.
- At the subsequent screens, you will answer questions about the income, costs and dates of sale.
- At the screen Sales Information, you can enter numbers for expenses of sale.
At the screen Results, you may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on.
See this TurboTax Help .
The costs you specified are deductible or reported as basis for the property sold. IRS Publication 527 page 7 Settlement fees and other costs lists which costs are added to basis and which costs are reported as selling costs.
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