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Level 1
posted Feb 22, 2021 1:37:23 PM

I had a rental property that was for sale during 2020 that I did not rent and I took a loss on it. Where on Turbotax can i report the business loss?

I purchased home in 2016 as primary residence, converted it to a rental in 2017, rented it through 2019 and tried to sell it in 2019 when the renters left and finally sold in 2020 for less than I bought it for.  i keep entering the sale in turbotax in "sale of business property" but it is not accepting the entries and says since i had a loss.  Where else do I enter this transaction.

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1 Replies
Expert Alumni
Feb 22, 2021 3:04:56 PM

You need to continue on in that section. Even though at the beginning it states that if you have a loss, you will arrive at this screen which will let you enter the information.

 

 

Sales of Business or Rental Property

 

Enter the following information about your sale.

Description

Date Acquired

Date Sold

Gross Sales Price

Cost Basis

Depreciation Taken