MarilynG1
Expert Alumni

Investors & landlords

In the Rental Section, under Property Profile,  indicate that you 'converted from rental to personal use' and 'did not rent the property in 2019'

 

TurboTax will delete the rental. 

 

You won't claim any Rental Expenses for 2019, and any Mortgage Interest or Property Tax is reported as an Itemized Deduction

 

Type 'sale of business property' in the Search area, then click on 'Jump to sale of business property'.  Leave the first box checked, and Continue. 

 

Since you demolished the home, your sale price would be $0 and you would have a loss;  however, it would not be reportable. 

 

There will be no affect your 2020 taxes.

 

 

 

 

 

 

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