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jahovh
New Member

If I sold rental property in March 2017 to an individual for $5000.00. how do i report this?

I only have a bill of sale. the buyer paid for title search and filing of deed. what do I need for my taxes? 

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PaulaM
Employee Tax Expert

If I sold rental property in March 2017 to an individual for $5000.00. how do i report this?

Do you have the property listed as a rental in TurboTax? If so, enter the sales details in the rental section. You have to indicate that the property was sold in two locations (property profile and sale of property/depreciation).

If not, you can enter the sale as a Sale of Business Property under Business Items. Enter the description, date acquired,date sold, sales price (less the expenses), cost and depreciation taken. The gain/loss will be recorded on Form 4797.

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1 Reply
PaulaM
Employee Tax Expert

If I sold rental property in March 2017 to an individual for $5000.00. how do i report this?

Do you have the property listed as a rental in TurboTax? If so, enter the sales details in the rental section. You have to indicate that the property was sold in two locations (property profile and sale of property/depreciation).

If not, you can enter the sale as a Sale of Business Property under Business Items. Enter the description, date acquired,date sold, sales price (less the expenses), cost and depreciation taken. The gain/loss will be recorded on Form 4797.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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