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Where do I report the sale of my rental?
So I have read quite a few discussions on this topic and it still isn't clear to me if I should report my rental sale under the Business Income and Expenses under "Sale of Business Property" or under "Rental Properties and Royalties". Depending on where I enter the information, I get two very different answers for how much is owed in taxes. I feel like the "Sale of Business Property" asks more questions about Cost Basis, Depreciation, etc. , wheras the Rental Section really asks very little other than purchase price and date sold. Can anyone tell me where the correct place is to report this? I also feel like the tax burden that TT is reporting is much greater than I calculate when doing it by hand. Any insight?
I appreciate the help!
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March 10, 2022
12:24 PM