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:
[Edited | 3/26/2020 | 9:37 am PDT]
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:
[Edited | 3/26/2020 | 9:37 am PDT]
@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.
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.
That's to determine the recapture of deprecation on the asset.
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.