How do I enter rental property sale information in Turbotax Premier 2023?

[Frankz650]

There appears to be no way of entering rental property sale information in Turbotax Premier? 

I check-marked the "I sold or disposed of this property in 2023 checkbox" in the property profile section. The software displays a message underneath "You'll enter the details of this sale when you reach the depreciation section later."

However, in the Sale of Property/Depreciation section, I don't see any place to enter the property sale information such as sale price, commissions, etc.

What am I missing?

[tagteam]

You have to sell the asset in the Sale of Property/Depreciation section.

Presumably, you previously entered an asset in that section. If so, you need to select it and indicate you sold the asset in that section.

[Carl]

Reporting the Sale of Rental Property

If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.

Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will have a selection on it for "I sold or otherwise disposed of this property in  2023". Select it. After you select the "I sold or otherwise disposed of this property in 2023" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even if it's zero. Then you MUST work through the "Sale of Property/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).

Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets.  You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset.  Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1 on some assets. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1 on some assets.

Basically, when working through an asset you select the option for "I stopped using this asset in 2023" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.

When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.

[Frankz650]

Yes in the "Your Property Assets" screen, it lists the depreciation assets that I entered as part of the property, including the initial purchase of the asset, the refinancing fees, etc.

It says "Select Edit to answer a few more questions if either of these apply:
Stopped using an asset listed here in 2023"

So I selected edit for my asset. The software shows the next screen as

"Review Information" screen for my asset, continue

Next screen is "Did you stop using this asset in 2023?" With instruction of "Select Yes if the item was Sold". So I selected Yes and continued to the next screen.

The next screen is "Disposition Information". I entered Date of Sale or Disposition, and continue.

The next screen is "Special Handling Required?" With Select Yes if any of these conditions describes your situation: "This asset was a rental, ..." with Learn more help shows

"...
You report the sale of the entire home, including the rental or home office, in the "Sale of Your Home section". To enter the sale information, select Topic List in the toolbar at the top of the screen, scroll to "Other Common Income". Answer the questions on the screens until you get to the "Sold a Home" topic."

Since it's my rental, so I selected Yes.

The next screen is Depreciation Deduction Amount, and says We'll transfer this amount to the correct form for you. With only continue action.

Once I continue, the software returns me to the Your Property Assets screen.

The "Sale of Your Home section" per the Learn more help is no where to be found? How do I enter the property sell information?