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Where to enter sales price of rental home
I need to enter the sales price for my rental home and can't find where to do it. I have told it the property was sold in 2020, and it ask me the date, but not the price.
Here are the sequence of screen shots I go through.
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Business & farm
Go back to your Rental Summary and click on the Sale of Property/Depreciation to report the sale and the sales price.
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That's what I did as shown in the sequence of screen shots. No place to enter sales price.
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Business & farm
Not sure where you got off track but after the special handling screen is the personal home residence question and then the sales screen ... look again ...
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Agree with @Critter-3
This is the sequence from the Special Handling Required? screen when using a 2020 TurboTax Premier edition for Windows.
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Here is the Special Handling Required screen shot, followed by the next screen shot. I answer yes and after that I don't get one about home sale. The second screen shot below shows what I get. Some more info: notice in the first screen shot: it shows in blue type something that is odd: it's as if the home is an asset within the home....1007 Prairie Lakes Dr: 1007 Prairie Lakes Dr. Does this give a clue? Maybe I entered something incorrectly in a previous year?
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DOES this sale required special handling of any kind ? If not then choose NO not yes.
If it does require special handling the sale is reported in a different section ... click on the LEARN MORE link for more information.
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Yes it does seem to require special handling. It is a rental home.
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NOOOOO .... in the rental section selling a rental is normal and does not require special handling unless it has one of the items on the list on this page ...
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What section do I go to to enter the sale? Will it automatically bring across basis and depreciation?
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If you had read the LEARN MORE link then you would have seen it is referring to a partial rental of your home and/or a home office. So if this was 100% a rental being reported on a Sch E please choose no.
If it was a partial rental of a personal residence click on the LEARN MORE to see the steps you need to take.