Enter the Rental Property and asset(s) in TurboTax by following the step-by-step interview. The program will ask about purchase price and prior depreciation, which will be used to determine the remaining basis (if any) in the property. The difference between the sales price and remaining basis will be a capital gain (or loss). Be sure you account for any major renovations that would have been depreciated on their own.
Most residential rental properties are depreciated over 27.5 years. So, it's possible that you have no remaining basis in the property. In this case, the entire sales price would be capital gain.
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