Are you reporting the rental property asset in TurboTax Online in Rental Properties and Royalties?
Are you reporting the rental property as a depreciable asset within the rental activity on S...
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Are you reporting the rental property asset in TurboTax Online in Rental Properties and Royalties?
Are you reporting the rental property as a depreciable asset within the rental activity on Schedule E Supplemental Income and Loss?
If so, in TurboTax Premium Online, follow these directions for the sale/disposal of a rental property.
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Click to the right of Rentals, Royalties and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your rentals and royalties summary, click the pencil to the right of the property sold.
At the screen Here's XXX rental property info, scroll down to Assets, click the pencil to the right.
At the screen XXX depreciable assets, click Edit to the right of the rental property.
At the screen Tell Us More About This Rental Asset, select The items was sold, retired, stolen, destroyed, disposed of, converted to personal use....
Enter the date sold. Continue.
Continue through the screens about the disposal of the asset.
You may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on. The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.