Investors & landlords

You can enter the sale of the property in the Sale of Business Property section that you will find on the screen that says Lets Gather your Business Info. You will see that when you enter into the business section of TurboTax. You will be asked to enter the sales proceeds, cost basis and depreciation allowable on the assets sold. Depreciation entered will be recaptured as ordinary income, with a maximum federal tax rate of 25%, up to the amount of gain recognized on the sale.