rental188
New Member

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.