ThomasM125
Employee Tax Expert

Business & farm

I am sorry to hear of your loss.

 

The first thing you should do is look at the rental property entries in TurboTax and review the Business Assets section and make a note of the cost and date put into service of the house and land, plus any other assets that are being depreciated. This will allow you to determine the depreciation on the property that you will need to know if you ever sell it.

 

Then, update the Business Profile and edit the question that say Disposed of Business in Current Year to indicate that the rental has ended. That will cause the rental property to stop being reflected on your tax return going forward.

 

   

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