Begin in the rental section if it was rented in 2018. You will encounter various screens where you can indicate the sale, the PAL and the depreciation. You will need to go through every category in rental to set it up. Please see the screen shot below for sale and PAL intitial entries.
Steps
Go into your TurboTax return.
- Search for rentals and
then click the "Jump to" link in the search result.
- Answer Yes to the question Did you have
any rental or royalty income and expenses?
- Follow the
on-screen instructions as you proceed through the rental and royalties
section.
- We'll first
ask you to enter general information about your rental (description,
address, ownership percentage, etc.)
- Eventually,
you'll come to the Rental Summary screen
which is where you enter your:
- Rental
income
- Rental
expenses
- Capital
assets and depreciation
- Vehicle
expenses
If you're also filing a
nonresident state return to report income from an out-of-state rental property,
be sure to complete your nonresident state return before you prepare your
resident state return when you get to the State Taxes section.
