@RK73
Carl is correct and gives valid points.
TurboTax does calculate the gain or loss taking into account depreciation recapture when you sell an asset.
Please see my previous post on step by step instructions on how to report the sale of a rental so Form 4797 is generated. Click here.
Some items to remember as you enter your rental sale:
- You have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax.
- Closing costs are considered expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale. Examples are commissions, transfer tax, recording fees, etc.
Related information:
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