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Investors & landlords
Thank you for the detailed explanation I again. I followed your instructions and I have similar flow.
But I do have 6 questions in-lined. I have highlighted the questions in red and also embedded ??
Here's my observations
in turbotax
search - rentals
from result - - jump to rentals
income from rentals ... - yes
...
from rental and royalty summary/edit "rental property"
review your "property" rental summary
sale of property/depreciation - update
do you want to go directly to your asset summary - yes
review information - continue
did you stop using the asset in 2022 - yes
disposition information - enter date of sale
date acquired - was prepopulated (w/ correct date) - continue
special handling required - no
sales information
sales price (business portion only) - is it correct that I should enter
overall sales price * business use percentage??? (similar to
concept of pub 523 "business" version of work sheet 2)
sales expenses (business portion only) - is it correct that I should enter
overall sales expenses * business use percentage ???
personal residence
did you use rental property as personal residence after 1997 - yes
depreciation allowable for this property after.. 1997 $xxx1 ($xxx2 for AMT)
You should make a note of this number, because you will need it if this property
qualifies as your personal residence at the time you sell it.
prior AMT depreciation $xxx2 displayed - continue
installment sales - no
result - you have a gain of $xxx3 on your disposition of Residential
your depreciation deduction for Residental for 2022 is $xxx4
at end of step-by-step on sale of rental property, when i switched to forms - I do see result of Form 4797 being populated into Sch D. However, I dont see Form 8949 (form to report sale of Home), I assumed this would be generated by the "sale of home" step-by step interview.
From sale of home step-by-step
Sold a home - continue
sales information
Did you receive a Form 1099-S that reported this sale - Yes
Date sold - per date reported on 1099-S
Selling price - do I enter
what was reported on 1099-s times (1 - business use percentage) or what
has been reported on 1099-S???
Sales expenses - do I enter
sales expenses times (1 - business use percentage) or
100% of sales expenses ????
Tell us about the purchase of your home
Date Bought or Acquired - entered <date>
Adjusted cost basis - overall cost basis or
(1-business use percentage)*overall cost basis??
Did you rent out all or part of the home after ... 1997 - yes
Depreciation after May 6, 1997
Depreciation after May 6, 1997 - should I enter $xxx4 (output from the
depreciation deduction for Residential (from the sale of rental output))or $xxx1??
Thanks again.