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tmoate
New Member

How and where do I enter the partial sale of rental property?

I had to sell part of a lot for a rental property due to eminent domain. I have received the 1099-S declaring the proceeds from the sale. I cannot figure our how and where to enter the proceeds from the sale. I am retaining the remainder of the rental property, so it has not been completely sold. 

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1 Reply
AmyC
Expert Alumni

How and where do I enter the partial sale of rental property?

You sold a piece of land that was part of your rental property. You will have to separate the rental into two parts. One part, was sold. You will adjust your basis in the rental property by decreasing the basis in the rental by the sale amount.

 

See Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?

 

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