Did you report a sales price on the quit claim sale?
Did you see the screen Sales of Business or Rental Property that states?
Your sale of property did not result in a gain. Report here only sales of property you made a profit on. We'll remove this sale now.
Generally a sale of rental property will report:
- The cost basis of the land under the rental property that is reported in Part I of IRS Form 4797, and
- The cost basis of the improvements on the land that is reported in Part III of IRS Form 4797.
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