Both the jointly owned rental and the family homestead were sold in 2017. The rental already has an entry. How do I rpt the sale of the homestead (was occ by stepmom)?
Wrong Answer. NOTE: both the rental property and the homestead (not a primary residence, was occupied by step-mom as part of a life-estate interest and sold as investment property by the beneficiaries of the trust) were sold as investment properties in 2017. there is no exclusion associated with these investment properties. I need to know where in turbo tax does the sale of the investment property (used to be the family homestead) gets entered.
OK - thank you for the direction on the Homestead sale that was not occupied by any of the owners. About the inherited rental property that has been on my sched E for the past 10+yrs, it was also sold. Do I need to also enter a similar sale of asset or do the details within the sold rental property section of Turbo Tax account for the capital gains of that rental?
You are correct that the details entered for the sale of the rental property account for any capital gains. See edited answer for info on entering sale of rental property.
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