Sale of rental property in 2017?

cealey · ‎June 6, 2019

Sale of rental property in 2017. I did not allocate the house vs the land value when I converted the house to a rental.

How do I make the correction now?

Can I allocate the sales proceeds in the same manner?

The property tax split is 50/50 for asset value vs land value.

I don't see anywhere do this in Turbotax Premier.

MarilynG · ‎June 6, 2019

Yes, you can make the allocation of home/land when you enter the sales proceeds.

Here's how to report the sale of rental property:

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Investors & landlords