Investors & landlords

Yes, that's the right plan.  Be sure to include all of your capital improvements when arriving at a cost basis for the sale. You will need the full amount of depreciation expense that was used and below are the steps you can use in 2024 to record your sale without entering all of the assets back to your tax return since they have been removed.

1. Wages & Income or Business Income (TurboTax Desktop)
2. Scroll down to Other Business Situations or Less Common Business Situations (TurboTax Desktop)
3. Select Sale of Business Property
4. Select Sales of business or rental property that you haven't already reported.
5. Answer 'Yes' to Do all of the following apply...?
6. Enter your sales information, do not make an entry for depreciation (no zeros)
   1.  Description of the Property (Second Home/Previous Rental Home)
   2. Sales Price/Sales Expenses 
   3. Date acquired and date sold
   4. Sales Price
   5. Cost
   6. Depreciation

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