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New Member
posted Jun 1, 2019 12:45:26 PM

How do I change to the cost basis of the sale of a rental property

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1 Replies
Intuit Alumni
Jun 1, 2019 12:45:28 PM

If you have not filed, here are the steps (online):

  • Sign into your account and select Take me to my return 
  • At the right upper corner, in the search box, type in schedule e and Enter 
  • Select Jump to schedule e
  • Next screen, Income from Rentals or Royalty Property You Own, answer Yes 
  • Follow prompts
  • On the screen, Do Any of These Situations Apply to This Property? Select Sold.  
  • Follow prompts
  • On the screen, Review Your Rental Summary, under Sale of Property/Depreciation, select Start.  
  • On the screen, Depreciation for Your Rental Property , select Yes and follow prompts
  • On the screen, Describe This Asset, select Rental Real Estate Property and Continue, follow prompts
  • On the screen, Tell Us About This Rental Asset, enter information, then Continue
  • Next screen, Tell Us About This Rental Asset, check the item was sold and Date you sold and Continue.