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Deductions & credits
Follow these steps to enter the sale of your rental property:
- With your return open in TurboTax, in the search box, type rentals and hit the Enter key, then click on the Jump to rentals link at the top of the search result
- Answer Yes to the question Did you have any rental or royalty income and expenses?
- On the next screen that says What are you here to report? Select Rental property
- Enter the basis information of your Rental property
- On the next screen that says Tell us about your situation this year, check the Sold box along with any other boxes that may apply.
- Continue following the onscreen prompts to enter info about your rental property. Eventually you'll get to the Rental Summary screen. Here, you can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (income, expenses, etc.)
- After entering rental income and expenses, on the Rental Property info, click on Start next to Sold rental property
- On the next screen Describe This Asset, click on Rental Real Estate Property
- Under Income & Expenses section, click on Edit next to Sale of Business Property
- On the next screen Sales of Business or Rental Property, Edit the existing copy or Add a new copy
- Enter the sales price and expenses as well as other related information.
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‎February 27, 2022
2:56 PM