The current version of TurboTax Online is only for 2020 returns. If you need to amend previous years' returns you will have to use the CD/Download version of TurboTax. Please see the following TurboTax Help article for instructions: How to amend (change or correct) a return you already filed
In your 2020 return you will have to enter that the rental property was sold, as well as any assets related to the property that you may have entered separately (for example, new roof, appliances, improvements).
To do this please follow these steps:
- Click on Federal > Wages & Income
- In the Rentals, Royalties, and Farm section click on the Start/Revisit box next to Rental Properties and Royalties (Sch E).
- On the Income from Rentals or Royalty Property You Own screen, click Yes.
- If you have already entered information about your rental, you will come to Your Rental and Royalty Summary screen. Click on the Edit box next to the property.
- On the screen, Here's [XX]'s rental property info, click the Edit box next to Rental property info.
- On the screen Review your rental property info, in the General Info section, click Edit below Situations.
- On the screen, Tell us about your situation this yearclick the box Sold or disposed of the property .
- When you come to the screen, Review Your [XX] Rental Summary click the Start/Update box next to Sale of Property/Depreciation.
- If you have assets entered already, on the screen, Do you want to go directly to your asset summary? mark the Yes radio button and click Continue.
- Click Edit next to the property.
- If you haven't yet entered any assets, continue through the screens to enter the house.
- On the screen, Tell Us More About This Rental Asset, mark the box that the item was sold and enter the date of the sale.
- You will eventually come to a screen to enter the sales information.
- Continue through the interview, entering the requested information.
- You will be brought back to Your Property Assets. If you have other assets related to this property, follow the same procedure with them by clicking on Add an Asset
