RobertB4444
Employee Tax Expert

Investors & landlords

You made it as uncomplicated as you could already!  By not renting the property at all in 2025 you won't have to do a partial year's rental income and expenses.  Depending on when it actually sells you may have to take some depreciation for the year but otherwise it should be pretty smooth sailing.

 

TurboTax will roll the rental property over from 2024 into 2025.  When you go into your 2025 taxes you will tell the system that you sold the property and for how much.  It will assign a value to all of the assets and set up the sale on your return.  

 

As far as the car goes - you will need to report the sale of the car if and when you do sell it.  For this year convert it to personal use.

 

@Benjamine 

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