Investors & landlords

There are 2 different places to mark that you sold the house. First, in the general property profile and more importantly, in the asset section. When you reviewed your asset for depreciation, you had to mark that it was sold. Then you can enter the information.

You need to dispose of all the assets, not just  the house. The house and land will be entered with values but the other assets should be sold for zero since they went with the house. For example, a new roof of $10,000 that was only depreciated $1,000 leaves a $9,000 loss.

Follow these steps:

1. Navigate to your rental
2. Edit general property profile to show sold under Do Any of these Situations apply?
3. Select that you sold the property
4. continue through until you get back to the summary profile
5. Edit sale of property/ depreciation section
6. .Go to summary
7. Edit your house 
8. mark that you sold the item and the date sold
9. confirm depreciation
10. Special handling- select No unless you have one of the exceptions
11. Main home, select No
12. Enter sales information- you have to break out the land from the house. You can use property tax valuation or another method to determine your reasonable answer.
13. Continue, no,
14. prior AMT depreciation - will be the same as the regular depreciation unless you are high income and have form 6251 in previous returns. If so, check them.
15. continue, no to installment
16. results for the house