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I am using TurboTax Premium like I have the last 10 years or so. In 2024, I sold the rent house I have had since 2001, but I am not seeing how to report the capitalgain?

 
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DianeW777
Employee Tax Expert

I am using TurboTax Premium like I have the last 10 years or so. In 2024, I sold the rent house I have had since 2001, but I am not seeing how to report the capitalgain?

Report the sale under your rental house.  Under Income select your Rental Income > Edit > Continue to the screen 'Tell Us More About This Rental Asset'. Select that you purchased it, also the item was sold, retired, ...., etc. > Yes always used 100% for business if there was no personal use during ownership since the rental activity began.

 

Selling expenses would include last minute repairs to prepare for sale, and if you used a cost other than your actual cost (such as fair rental value because it was lower than your cost) when you placed the condo in service for rental, then you would use actual cost to determine gain or loss at the time of sale. Add any difference to selling expenses if this is the case. The expenses would be capital improvements only not repairs or expenses that are ongoing such as utilities or minor repairs.

 

If you had any losses that were not allowed in prior years and were carried over because of your income level, all losses are allowed in the year of sale and do not get included in your sale figures. TurboTax will know this information if you entered any passive unallowed losses from 2023.  When you select to Edit next to your rental property, scroll to Less Common Situations to review any carryover losses (from Form 8582 in your 2023 tax return ). TurboTax should carryover this loss automatically, so confirm, if this applies to you.

 

Lastly, use the link below to print your tax return in TurboTax Online.  

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