Investors & landlords

Thank you, Diane.  I am following all your steps right up to Step 8 when it appears that what I see is not the same.  I am using TurboTax Home and Business 2020.

Starting from your Step 5:

5. Click Update to the right of Assets/Depreciation.

6. Do you want to go directly to your asset summary?, click Yes and Continue

7. Click Edit to the right of the assets to be disposed

When I click "Edit" on "Duplex 2nd Floor", I scroll through the following screens (there is never a Tell Us More About This Rental Asset screen).

Review Information

Did You Stop Using This Asset in 2020 (Yes)

Disposition Information (I enter sold date 10/14/2020)

Special Handling Required? (No)

Home Sale (Yes)

Was the rental portion a separate dwelling? (No--it was our primary home up to Dec 2017 and then rented)

Ownership and Address of Home Sold (I enter info)

Sales Information (I enter info, $75k, 1/2 sales price of entire duplex)

Time You Lived In Your Home (Yes--lived at least 24 months in past 5 years)

Did You Use This Home for Anything Other Than Your Primary Home (No)

Another Home Sale (No)

How Did You Buy the Home? (No)

Then I see the screen:

Do those screen make sense?  I never see the Tell Us More About This Rental Asset screen.

Also, I don't understand why I am paying tax on $50k of the sale and only get a tax break on $25k.

Is this because I split the duplex into two properties for TurboTax 2018, or because I rented it 2018-2020?  I thought the primary residence portion would be tax-free.

Does any of this make sense?

And since I'm not getting the Tell Us More About This Rental Asset screen, I'm just wondering if something is not set up correctly. :(