Cost of Property plus Expenses of Sale

[watchman01]

I sold my rental property in September of 2019.  I am entering the information in TT and do not understand what to put in the box "Cost of property plus expenses of sale".  Does this mean the original price i paid plus the costs associated with selling the property?  Or, does it mean the original price plus original costs associated with purchasing the property.  There is no explanation.  Thanks,

[DavidD66]

Do you have your rental property set up in TurboTax as a rental property, and calculating depreciation expense each year along with other income and expenses?

[watchman01]

No.  I had to switch computers this year so I "transferred" a PDF of last's year's TT. I will need to enter the total depreciation manually.  Usually, TT breaks down all the math.  This particular line does not make sense to me.  I think it literally is asking me to enter the purchase price plus sales related costs.

[DavidD66]

I'm not sure where and why you're getting the question you are referring to.  You should be disposing of an existing asset, and reporting proceeds and sales expenses.

If you have a depreciation report from last year, you should use that to recreate your "asset" in TurboTax.  If you haven't already, set up the property as if it is a new rental property, but use the original date it was placed in service.  TurboTax will calculate the accumulated depreciation based upon your entries - which need to match the original entries.