You enter it in the Rental section. Include all your rental details for the beginning of 2020. When asked, state that you sold it.
You will be able to enter all the particulars such as basis, selling expenses and sales price. The program will calculate the gain and place it on Form 4797.
- With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
- Answer Yes to the question Did you have any income from rentals or royalties?
- When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
- When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
- Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review your rental property info screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)
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.
