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dhc2
New Member

How do I enter the sale of a second residence used as a rental?

In 2017 I sold a second house I had bought in 1985.  I made improvements to the structure several times in several different years.  I have been using the house as a rental since 1994.  I tried putting in the initial purchase price of the asset and then adding improvements to the asset and Turbotax seems to treat each improvement as a separate property.  It also keeps triggering a question if the improvement/assest was sold as part of my home.  Whatever I answer, it goes to something totally irrelevant.   

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MarilynG
Expert Alumni

How do I enter the sale of a second residence used as a rental?

Yes, each improvement can be added as a separate asset and depreciated separately according to type of asset. This is reported on your tax return as a rental expense. Normally, they would be sold on the same date as the house is sold.  

If you are just trying to enter the sale of the rental property and have not been tracking the rental property income/expenses over the years, you could just enter the 'cost basis' of the rental home (price you paid plus improvements) and not enter each asset separately.

TurboTax will calculate depreciation from the date you indicate you started renting the home.  There are two places to enter the sale of rental property.

Here's more info to help you with that:

https://ttlc.intuit.com/replies/6686119

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MarilynG
Expert Alumni

How do I enter the sale of a second residence used as a rental?

Yes, each improvement can be added as a separate asset and depreciated separately according to type of asset. This is reported on your tax return as a rental expense. Normally, they would be sold on the same date as the house is sold.  

If you are just trying to enter the sale of the rental property and have not been tracking the rental property income/expenses over the years, you could just enter the 'cost basis' of the rental home (price you paid plus improvements) and not enter each asset separately.

TurboTax will calculate depreciation from the date you indicate you started renting the home.  There are two places to enter the sale of rental property.

Here's more info to help you with that:

https://ttlc.intuit.com/replies/6686119

**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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