Hi,
I co-own a rental property that was sold in 2020 for a profit. However, I've never reported any of the rentals (was always reported by my brother who own the other half). After converting the 2019 tax into Turbotax 2020, the first thing I did was enter the sale of the rental property under BUSINESS (I have the Home & Business version for Mac). The sale is the only business income I have. This resulted in a tax owe for NY state, however nothing (owe or refund) for Federal. Can someone shed some light on why?
Thanks
