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Investors & landlords
One thing is you are going to want to switch to desktop version to record the sale so you have forms mode which show you not only your return but all the calculation worksheets. Much more user friendly than online versions of turbotax.
You can just look at what portion of the property remains undepreciated which was the basis in the land plus undepreciated improvement... your return should have forms entitled Asset Wks for every asset and an overall report titled Depr Report. Got to print and select the forms and it will be depr basis less prior depr less current depr as the current cost basis. You need to assume certain closing costs too...
Here is some helpful information:
https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/I...
You can just look at what portion of the property remains undepreciated which was the basis in the land plus undepreciated improvement... your return should have forms entitled Asset Wks for every asset and an overall report titled Depr Report. Got to print and select the forms and it will be depr basis less prior depr less current depr as the current cost basis. You need to assume certain closing costs too...
Here is some helpful information:
https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/I...
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
May 31, 2019
5:41 PM