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wtchi
New Member

How do I report sale of a rental property that was a net loss?

When I enter the sales price, cost basis, and depreciation in "Sale of Business Property under "Other Business Situations", the website tells me it wasn't a gain, so I shouldn't report it there, and it is removing the record.  So...where should I report it???
1 Best answer

Accepted Solutions
Hal_Al
Level 15

How do I report sale of a rental property that was a net loss?

You can still enter at  "Sale of Business Property ". But, you have to follow the interview carefully.

At the first screen you will click that you had the sale of business or rental property.

The next screen will ask if you sold at a profit (among other things). You click No.

That will get you to a screen that asks if you sold at a loss. When you click yes, it will let you proceed.

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3 Replies
Hal_Al
Level 15

How do I report sale of a rental property that was a net loss?

You can still enter at  "Sale of Business Property ". But, you have to follow the interview carefully.

At the first screen you will click that you had the sale of business or rental property.

The next screen will ask if you sold at a profit (among other things). You click No.

That will get you to a screen that asks if you sold at a loss. When you click yes, it will let you proceed.

Critter
Level 15

How do I report sale of a rental property that was a net loss?

DoninGA
Level 15

How do I report sale of a rental property that was a net loss?

See this TurboTax support FAQ for how to report the sale of a rental property - https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that

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