I had a rental property under a LLC and sold it in 2017. I recieved a 1099-S. Where do I place the Gross Proceedes?

[s214111]

I transferred the property to a LLC in 2017.

[IreneS · Accepted solution]

Since the property was a rental and you have prior depreciation, enter the property sale in the Rental Property section.  You will have to apportion the total sales price among the house and any assets that may have been entered separately (for example new roof, appliances, improvements).

To do this in the TurboTax Home & Business, please follow these steps:

1. Click on Business > Continue > I'll choose what I work on.
2. On the screen, Let's gather your business info, click Start/Update next to Rental Properties and Royalties (Sch E) 
3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
4. If you have already entered information about your rental (or transferred it from the previous year), you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
5. Continue through the screens, entering the requested information.
6. On the screen, Do Any of These Situations Apply to This Property? mark the box that you sold or disposed of the property in 2019.
7. When you come to the screen, Review Your [XX] Rental Summary click the Start/Update box next to Sale of Property/Depreciation. 
8. If you have assets entered already, on the screen, Do you want to go directly to your asset summary? mark the Yes radio button and click Continue.
9. Click Edit next to the property.
10. If you haven't yet entered any assets, continue through the screens to enter the house.
11. On the screen, Tell Us More About This Rental Asset,  mark the box that the item was sold and enter the date of the sale.  
12. The next screen allows you to enter or confirm your prior depreciation .
13. You will eventually come to a screen to enter the sales information.
14. Continue through the interview, entering the requested information.
15. You will be brought back to Your Property Assets.  If you have other assets related to this property, follow the same procedure with them by clicking Edit on an existing asset [or Add an Asset].

[Edited | 3/26/2020 |  9:37 am PDT]

[Critter]

@TurboTaxIrene       NOOOOOOO .... Wrong !!!! You really don't know the program at all.    If it is a rental property it is sold thru the Rental section by selling off the asset ... you do not also enter it in the Personal section.

[s214111]

NOOOOO...you didn't understand the question. The answer is obviously correct as stated in the directions stated above. Also, you can enter into the business asset sale on the first page. However, you do need to do the first part as you mentioned.

[s214111]

That's to determine the recapture of deprecation on the asset.

[Critter]

OK ... enjoy your IRS letter.

[s214111]

I won't be getting any letter. I mean't to say the sale is entered in on the investments section. Gross Proceeds are entered minus cost basis (includes accumulated depreciation) on the following page. Please try to understand the problem before your letter arrives in the mail.

[Critter]

https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that?jump_to=ans...