Hi -
I sold my rental property on March 1, 2019. I have questions on how to exactly enter the information on BASIC turbotax.
I sold rental condo for $335,000.
Expenses for sell were $33,198.
It have been too long to claim the "lived in there,"
Original Purchase Price $180,000 (not sure on closing costs from then), Land said $70,000. not sure why when it's a condo.
Depreciation $34,500,
No improvements,
When sold rental, I did make a gain on the property.
Also, I'm a single mom, low income.
1st - I'm in the rental sales information section, it only says the following. Please tell me what numbers exactly to put here on basic Turbotax based on what I have told you.
Asset Sales Price
Asset Sales Expenses
Land Sales Price
Land Sales
Please give me the exact number (not words) to tell me what to do.
I did pay $11,156.00 in Withholding: Franchise Tax Board at the time of closing. I have a CA forms 593 and 593-V. Do I have to attach this too? or is it done?
I have form 1099-S proceeds from real estate transactions ($335,000.00). Attach this or done?
2nd - Do I have to anything else, like Capital Gains,
I have never sold a rental property before.
Thank you so much!
