Investors & landlords

It depends. This answer assumes there was no land sold with the property and It's not clear if you used fair market value (FMV) for the cost of the condo for depreciation when you set up the asset for depreciation. It's possible so I'm going to give steps that will report the full cost for your sale which is the correct number to use.

In the rental assets use the following information to take each asset out of service without entering sales information in that section.

When you are in the rental activity for 2024, you must select the 'Assets' section, then in each asset you must go to the screen titled 'Tell Us More About This Rental Asset'. 

1. Once you reach this screen for each asset, you must select 'This item was sold, retired, stolen, destroyed, disposed of, converted to personal use....' 
2. Next enter the date you stopped using the asset for rental purposes. And answer 'Yes' you always used this asset 100% of the time for business. (The percentage of use doesn't change until after conversion from rental to personal use.)
3. Select 'Yes' for Special Handling due to 'You converted the asset to 100% personal use'.

You may see some depreciation expense which will be the partial year amount.  For the period of the year it was available for rent, you may have some expenses which are allowed for that open period. Write down the current year depreciation and the total for all prior years for each asset.

Once completed you will use Sale of Business Property to enter the sale using your actual cost of the condo (not the FMV). Assuming there is no land you can enter one sale to include all assets following the steps below. 

Sale of Business Property:

1. Income and Expenses at the top
2. Scroll down to Other Business Situations
   • For TurboTax Desktop: Business Income and Expenses > Less Common Business Situations
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:
   1. Description of the Property (Machine Type)
   2. Sales Price/Sales Expenses 
   3. Date acquired and date sold
   4. Cost
   5. Depreciation

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