How do I report the sale of rental property?

[coleman07_1963]

This is a fantastic write up and hope it will answer mosts, if not all my questions but, I want to throw a wrench into this to better understand my situation. I did a 1031 exchange so I don't click sold in the initial screen where you say click sold. Any other changes to this write-up that I need to do since I am deferring my gain?

[ogayala]

My TurboTax program is not asking the right questions. And I cant see how to report the 2019 sale of our rental in Florida? 

[dona Stransky]

This is the info I need!

[ogayala]

WE SOLD OUR VACATION/RENTAL  HALF DUPLEX IN FLORIDA SEPT. 2019. I REPORTED IT THIS YEAR 2021. FEDERAL WENT WELL. BUT CALIFORNIA SIDE OF TURBO TELLS ME TO CHANGE THE SALE DATE OF SEPT. 2019.  WHAT DO I DO NOW?  

[Idadodd1961]

I would like for you to file my taxes I only paid $8000 for rent and received $9408 in 2021 Ida Mae Dodd [email address removed]

[ConL]

These instructions are very detailed and I really appreciate them. But I can't help but notice it references Turbo Tax 2014 and the HUD-1 Settlement statement. Do these steps still apply with the 2021 TT? I'm using the desktop Turbo Tax 2021 Premier version. I sold my rental in 2021 and we didn't receive a HUD-1. I called the title company and she said HUD-1 is now obsolete and replaced with the ALTA Settlement statement and the Closing Disclosure statements.  I do have both of these statements.  I compared it to the HUD-1 I received in 2014 when I purchased the rental property and it's very condensed with different line item numbers. 

But more importantly I just want to make sure these directions still apply with the 2021 software. I've been using TT for years and always thought it was very simple to use, but I have to say, trying to input the sale of this property has me very frustrated. 

[CS5511]

This is fantastic explanation. How can I show upgrades like painting, flooring, electric work done at the time of selling the property? As per my understanding all these will get added to cost basis. I have hard time figuring out on how to add this to cost.

Thank you

[PattiF]

In the year of sale, improvements do NOT get depreciated at all ... the program will not even allow it.   The cost is added to the Sch E as repairs even if the amount is large.  

@CS5511