When you sell a rental the depreciation is recaptured as ordinary income and the rest of the profit is cap gains so you may indeed have a tax liability on the ordinary income portion of the sale along with any other ordinary income you may have. Save a PDF of the return and review the entire form 1040, the form 4797, Sch D and the cap gain worksheet.
How do I preview my TurboTax Online return before filing?
You can view your entire return or just your 1040 form before you e-file:
- Open or continue your return.
- Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
- With the Tax Tools menu open, you can then:
- Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).
- View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.
