Sale of rental property

Forum|Forum|4 years ago
February 18, 2022
2 replies
26 views

How to fill out 4797? What is cost of property or tax basis plus expenses of sale?

And where to find accumulated depreciation?

Mike9241

Level 15

you report the sale of rental property through the rental section of Turbotax.

Mike9241

ZoltanB45

Level 9

If you used Turbo Tax last year and entered the information (cost, date in service) in regards to the property, the cost and the accumulated depreciation would flow through to this year's tax return.

The only reason it would not flow is either

Didn't use Turbo Tax last year
Didn't enter the rental activity last year if you used TT
You bought and sold the property last year.

If you did not use Turbo Tax last year, you will have to acquire last year's tax return and look for the form 4562. It should have the cost basis and depreciation amount.

If you did not enter the rental activity last year and should have, you will have to amend last year's tax return.

If you bought and sold the property in the same year, just enter the amount you bought it for plus any additions or improvements you made.