A rental property on Schedule E for 2024 is not appearing on my 2025 work. It was sold in January 2025 and I'm sure I need to report the sale for capital gains. Help?

[carolsnow]

With no income in 2025, where do I enter the details of the sale?

[AmyC]

Go through the entries as if you made $1 of income to force open the forms you need. The program must believe it was a rental for allow you to use those forms.

[carolsnow]

Thanks, Amy.  Just before hearing from you, I kept trying things.  I actually discovered an expense of a dollar for 2025 (an item prorated on the closing statement).  So, that was legitimate (and similar to your suggestion), but I still had to manually input the information on Schedule E.

Now I'm wondering about the sale of my personal residence.  I've entered all the information, but the taxable amount is not showing up on the Turbo Tax summary page at the start of each session. 

Thanks.
Carol  

[AmyC]

The sale of a personal residence is often not taxable, if you lived in the home 2 out 5 years and have less than $250,000 in capital gains per person. If you do not meet the rules or had more capital gains, it should be showing the income on Sch D.

There are exceptions for special circumstances as well such as military, health issues, etc that allow a proration.

Form 8949 is active and working and carries to capital gains on sch D.

I am glad you got through the rental. We are glad to help!

[carolsnow]

Thanks again.  I switched to the FORMS view and the number I expected shows up there.  With home prices in California and having lived in our home for 48 years, we know that the capital gains due will be HIGH.  I just don't know IF the figure for Federal Tax Due includes that sale OR if it will increase.  The summary line for Sale of Your Home does not make it look like it's finished.  It has the words in green "Available now".  Am I to expect that the estimated tax owed will switch to an even higher figure??  Maybe not until I'm further along on the return -- and a number of forms aren't ready at the government level, apparently.  

Again, thank you!

[AmyC]

Yes, once the forms are finished at the federal and state levels you probably will see an increase after 48 years in your home. Selling two houses in one year is a large bump in income which does affect your capital gains tax rate used.

Best wishes on your new adventure!