We sold our Rental Property 1/9/2024. Turbo tax asked me when I acquired it and for how much. Next it calculated a total depreciation claimed in previous years. I don’t know how to calculate that but now federal tax due shows a heaping $18,000-ish. I left TT calculation and selected continue. Next for ‘Special Handling Required’ page I selected No.
The Next page is Sales Info. I entered the sales price, next it ask for Sales Expenses which includes:
Sales Commission (does that include Listing and Selling commission?), Advertising Expenses,
Legal Fees,
Loan Placement fees or Points,
Broker fees,
Transfer taxes and
Option Premiums (what is this?).
I have the Settlement Statement with these amounts, but I didn’t know these are write-offs on our Taxes? Is this correct?
