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j-levine
New Member

How do I report the sale of rental property on my 2017 tax return?

 
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2 Replies
AmandaR1
New Member

How do I report the sale of rental property on my 2017 tax return?

You'll need to mark the rental property as sold in two places (directions below). If you've been using TurboTax, you'll have your rental information carryover. If not, you'll need to add it.  The software asks all the relevant questions.

Mark the Rental Sold Under the Property Profile:

  • Head into Rental and Royalty Income and answer the basic rental questions >>> 
  • select to Edit the applicable property (or you'll just start adding the rental) >>> 
  • Select Update next to Property Profile >>> 
  • On the screen titled Do any of these situations apply to this property? be sure to indicate I sold or disposed of this property in 2017 by selecting the checkbox. 
  • Be sure to answer the questions that follow to continue through the

Select the House Sold Under Assets/Depreciation and Enter Sale Information:

  • When you are back at the Rental Property Summary Screen select Edit/Update/Start next to the Assets/Depreciation section
  • You'll need to answer through the election questions the first time you update this section, this year (but you can skip them after that). 
  • On the summary screen of assets listed under this rental property, click edit next to the house asset (or add it) 
  • On the first screen you'll be able to check the box to indicate that you sold or disposed of this asset this year.  
  • Be sure to answer through this entire section to report all information.

When you are back at the rental summary, be sure to click Continue until you are back at the Income & Expense screen because you may be asked additional questions that affect the home sale. 

PaulaM
Employee Tax Expert

How do I report the sale of rental property on my 2017 tax return?

@jaw1123 See steps in the above thread that AmandaR1 outlined.

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