I sold my 2 bd condo in 2018.
I rented out 1 bd for 6 years, when I also lived there. Then I moved out, and started renting out the entire condo 3 year ago.
So in my Turbo Tax, the condo is represented by 2 assets - 1 for the single bedroom rented out for (6+3) year, 1 for rest of the condo rented out for 3 years.
Now I sold my condo, how can I report that I sold both assets? Can I combine them back to one asset? The software only support entering sale information for individual asset.
You'll need to sign in or create an account to connect with an expert.
As long as you report 100% of the sale price, you can allocate it in any way that is practical - my suggestion would be to do it as a percentage of the total amount of the assets you were reporting.
For example, if the first property is 25% of the total asset, and the second property is the other 75%, then report 25% of the sale price with the first property and the remainder with the second property. In the end, the numbers will work out correctly for the total sale.
Do not combine your assets back into one asset - this will confuse the IRS.
As long as you report 100% of the sale price, you can allocate it in any way that is practical - my suggestion would be to do it as a percentage of the total amount of the assets you were reporting.
For example, if the first property is 25% of the total asset, and the second property is the other 75%, then report 25% of the sale price with the first property and the remainder with the second property. In the end, the numbers will work out correctly for the total sale.
Do not combine your assets back into one asset - this will confuse the IRS.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MLP_Banana
Level 3
taxquestion222
Returning Member
redmoose
Returning Member
wallensplace-cha
New Member
vijay-saikrishna
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.