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Which expenses are you referring to? Closing costs are added to the basis of the property.
Please follow these steps to help you correctly enter the sale of your rental property:
1.. In Online TurboTax Premier, click the bars at the upper left corner to show Federal Taxes on the selection list
2. Select Business Income & Expenses, in the next screen, click I'll choose what I work on.
3. On the Your Income Summary screen (Premier edition), scroll down to the Rentals and Royalties group.
4. Click Start/Update next to the Rentals and Royalties line and step through the rental interviews to the Rental and Royalty Summary screen.
5. Click Start/Update next to the property you sold.
6. Click Continue to proceed to the Do Any of These Situations Apply to This Property?
7. Check the box next to the I sold or disposed of this property in 2017 line and click Continue.
Follow the prompts to enter information about the sale of your rental. As you go through the interview, these terms and definitions may be helpful:
Sales Expenses for selling your property include:
•Cost Basis is the rental's purchase price plus buying costs (fees you paid in connection with the purchase such as legal fees, abstract fees, survey charges, owner's title, etc.) plus improvements, minus depreciation.
•Adjusted basis is the rental's purchase price plus buying costs plus improvements plus sales expenses, minus prior-year depreciation.
For additional information, refer to Publication 527, Residential Rental Property
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