Good Afternoon,
I had rental property I acquired in 2013 rented it out 100% of the time until I sold it this year in November. I tried entering it under Rental Properties and Sale of Property/Depreciation and the results come out skewed indicating I made over approximately 200k when it was less than 75K? I entered it similar to below and the results come out as they should after I entered the depreciation. The question I have is this correct and where can I deduct the realtors commision when inputting it like this? I ask because it tells me this is the way I need to complete it if ;This asset is a rental, home office, or home office asset that qualifies for the exclusion of gain from the sale of a personal residence. My property does not qualify for the exclusion however? So should I enter it as below? Thank you!
If you disposed of this property by any of the above means, enter your sales information later in the interview under "Business Income/Sale of Business Property."
To report the sale of this property:
- Type 'sale of business property' into the search box
- Select 'Jump to sale of business property'
- Then select 'Sales of business or rental property you haven't already reported.'
You will have to enter the amount of prior year depreciation by hand. You can get that figure from your prior-year return.
