Update on the scenario I outlined in original post.
I went back to TT and under the INCOME section for Rentals and for the property in question I went through the steps again. When I checked the box indicating I didn't rent the property in 2024, TT said the property should be removed as a rental and subsequently deleted the property. This immediately swung the Amount Owed back to the original Refund Amount I had earlier.
However, I believe I need to enter the property as being sold under the BUSINESS ITEMS - SALE OF BUSINESS PROPERTY - is this correct?
The next TT screen is ANY OTHER PROPERTY SALES? The first box is "Sales of business or rental property that you haven't already reported." If I select this box then I answered YES to the next screen and then TT returns a SALE OF BUSINESS OR RENTAL PROPERTY screen with boxes for description, date acquired/sold, total sales price and cost of property along with depreciation.
Is this the correct way to list the sale of the rental?
