Carl
Level 15

Investors & landlords

You say you purchased TurboTax Business, which is different from TurboTax Home and Business. Please confirm exactly what you purchased. It matters here.

Prior to the sale, who was the owner of the property? You personally? You and your spouse? You and another person to whom you are not legally married to, and therefore could not file a joint return with that person? It's not possible to make an educated guess on this, as we can't be sure if you have TurboTax Business (which can not be used to file a personal 1040 tax return) or TurboTax Home & Business (which can be used, but typically is not used to file a business tax return if that business was owned by two or more people not married to each other. It just depends on to many specifics to cover here.)

          Rental income/expenses are reported on the tax return for the tax year that income/expense is received/incurred. Under no circumstances and with no exceptions will you or can you (legally) reported rental income received prior to Jan 1, 2020 on your 2020 tax return. There are no exceptions.

Now I do understand that you are using TurboTax for the very first time to file your 2020 tax return. Regardless of how you filed your 2018 and 2019 tax returns, did you report your rental income for 2018 on your 2018 tax return, and your rental income for 2019 on your 2019 tax return? If you did not, you have a major problem that you can not fix with TurboTax. You will need to seek professional help, as a tax pro may be able to reduce the amount of back taxes, penalties and fines you will pay for not having reported the income and expenses in the tax year it was received and incurred.

          Otherwise, if you did report your rental on SCH E of your 2018 and 2019 tax return, we can definitely help you with the transition to TurboTax. But you will need all of the IRS Form 4562's (3 of them) from your 2019 tax return that pertain to the specific rental property you sold.