Yes, you would enter the gross sales proceeds. There's another line for sales expenses.
- Click here for instructions and screenshots on how to enter your rental sale.
Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.
Terminology Tips
- Sales Price – If you received a Form 1099-S, look in Box 2 (Gross Proceeds), which will generally be your contract sales price. You can also use the gross proceeds amount from your settlement closing statement.
- Sales Expenses for selling your property include sales commissions, advertising, broker and legal fees, and transfer taxes.
- Basis is your rental's original purchase price plus settlement costs at time of purchase (abstract, legal and recording fees, surveys, transfer taxes, and owner's title insurance).
- Adjusted basis is your basis plus improvements and sales expenses minus depreciation.
Source: TurboTax FAQ
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