VictorW9
Expert Alumni

Business & farm

You should have recorded the details of the property over the years in TurboTax. Details such as the cost of the property, depreciation, improvements made to the property over the years, and all the other details will be used to calculate capital gains when you activate the sale of property routine in TurboTax.

 

And here's how you do this in TurboTax: 

 

Enter the Sale of your Rental Property in the Property Profile and the Assets/Depreciation topics in the Rental section, TurboTax calculates a Gain/Loss for you, based on Sales Price, Basis, and Depreciation (screenshot).

Here's how to enter the Sale of Rental Property:

 

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