I answered yes to "did you sell the rental property in 2019" and TurboTax says "you will enter the details of the sale in the depreciation section" but I can't find where

[connste]

I have revisited the depreciation section several times (using TurboTax Premier) and there isn't anywhere to enter the details of the sale of my rental. Help!

[AnnetteB6]

Use the following steps to go to the section where you will indicate that the property was sold:

• Starting from the Rental Properties and Royalties selection under income, choose Update or Review to get to the details about your rental.
• Proceed to the Rental and Royalty Summary page, then Edit your rental property.
• Proceed through the questions until you reach the Review Your ___ Rental Summary page, then Start or Update the Assets/Depreciation section.
• Answer Yes to go to your Assets Summary
• Select Edit beside the property itself
• Continue through the questions until you reach the screen titled, 'Tell Us More About This Rental Asset'
• Check the box labeled This item was sold, retired, stolen... to start the process of reporting the sale

[Dave P]

I'm having the same issue, any solutions yet?

[DavidD66]

Were you using TurboTax for the rental property in prior years, and were you depreciating the property?

[connste]

Thanks yes, I followed those specific directions after finding them in the help section however it only showed me a list of the assets in the rental house that I am deprecating.

[connste]

Yes I have been using it since I began renting it 9 years ago and am depreciating the house and some of the appliances I have replaced. I did a screen share with a TurboTax employee and showed her the problem (it would only show the list of depreciating assets but no place to report the actual sale (cost of sale, etc). The lady zu screen shared with said it had to be entered in a separate section and we entered it as a sale of a business. Not sure if that’s right though. 😕

[LindaB1993]

You have several assets to sell off ... you need to prorate the sales price and the cost of sale for each item.

if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets.

Basically, when working through an asset you select the option for "I stopped using this asset in 2019" and go from there. Note that you MUST do this for all asset listed.

[Carl]

Reporting the Sale of Rental Property

If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.

Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will ahve a selection on it for "I sold or otherwise disposed of this property in  2019". Select it. After you select the "I sold or otherwise disposed of this property in 2019" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even it it's zero. Then you MUST work through the "Sale of Assets/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).

Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets.  You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset.  Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1

Basically, when working through an asset you select the option for "I stopped using this asset in 2019" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.

When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.

[chuybo705]

I followed all the steps below and when I select Edit beside the property itself I do not get the screen titled "Tell Use More about this Rental Asset".  Is there a flaw in the Turbo Tax software?  I understand others are having the same problem?