Investors & landlords

Here are the answers to your questions.

1. First determine the sales price for each asset (normal procedure when there are several assets).

   • To figure out the selling price for each asset:

   1. Take the current basis of each asset against the total combined basis of all of your assets to figure out the sales price for each one; OR 
   2. Determine a fair market value for each asset against the total value of all assets to figure out the sale price for each one. 

   3. If you  made any capital improvements in the year of sale, you should add that as part of your selling expense. 

2. Go through each asset to indicate it was sold and enter the selling price and sales expense for each asset.

3. TurboTax will do the rest as far as determining cost basis, depreciation and report the sales in the appropriate places.

The following steps will help you through the sales process once you have all the figures you need.

1. Start with the Federal tab
2. Click on Income and Expenses
3. Under Your income and expenses, scroll down to
4. Rental properties and royalties, click Edit/Add
5. Do you want to review your rental?, click Yes
6. Under Rent and Royalty Summary, click Edit
7. Click Update to the right of Assets/Depreciation. Do you want to go directly to your asset summary?, click Yes and Continue
8. Click Edit to the right of the assets to be disposed
9. Go through several screens until you get to Tell Us More About This Rental Asset
10. Click on This item was sold…….
11. And continue to answer the questions

See also here for more details.