Since you have recorded the rental income, expenses, and depreciation on Schedule E in TurboTax, it will be relatively easy to record the sale of the rental cottage.
You need to dispose of the property by telling TurboTax how and when it was disposed of. Follow the instructions below.
- Click on Income & Expenses
- Under Your income and expenses, scroll down to
- Rental properties and royalties, click Edit/Add
- Do you want to review your rental?, click Yes
- Under Rent and Royalty Summary, click Edit
- Click Update to the right of Assets/Depreciation.
- Do you want to go directly to your asset summary?, click Yes and Continue
- Click Edit to the right of each asset to be disposed
- Go through several screens until you get to Tell Us More About This Rental Asset
- Click on This item was sold……. And continue to answer the questions
@Greenzoe
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