As @Carl mentioned above, there are situations like Passive Activity Loss and depreciation recapture which goes into the calculation of entering the sale of a property. The program should prompt you as to where to enter the information inorder to correctly take all this into account. The easiest way to go about this is To enter the sale of your rental property in TurboTax follow these steps.
- With TurboTax open enter sale of rental property in the search box.
- Select Jump to sale of rental property in the results window just below the search box.
- Follow the prompts to enter your rental sale information.
If there is anything in particular that you need to know regarding the input or the calculations that you need more clarification on?
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