We purchased a condo in 2016 as a primary residence, and in the summer of 2018 moved away and started renting the property out starting in July of 2018. We recently sold the property in August of 2024 and I am a little confused and want to make sure I'm entering the proper numbers in the section in the Rental Property section of turbo tax.
We initially bought the property in 2016 for $363,000. The land value at that time was $75,000. We sold our rental property for $490,000 and the land value is now at $145,000. We paid about $26,000 in expenses (including closing costs) to sell the property.
In the section where it asks for 4 values: Asset Sales Price = , Asset Sales Expenses = , Land Sales Price = , and Land Sales Expenses = , I want to make sure we put the proper information.
We put $26,575 for the Asset Sales Expenses, and put 0 for Land Sales Expenses, but for the Asset Sales Price and the Land Sales Price, how do we calculate that? Are we putting the total price of the condo at $490,000 as the sales price, and the full amount for the Land Sales Expenses at $145,000? I'm reading some people are putting 75% for the cost of the Asset Sales Expenses and Land Sales Price, how do we calculate the proper numbers?
