Are you reporting the rental property asset in TurboTax Online in Rental Properties and Royalties?
If so, in TurboTax Online, follow these directions for the sale/disposal of a rental property.
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Scroll down to Rentals, Royalties and Farm, click the down arrow to the right.
- Click to the right of Rental Properties and Royalties.
- At the screen Your rentals and royalties summary, click the pencil to the right of the property sold.
- At the screen Here's rental property info, scroll down to Assets, click the pencil to the right.
- At the screen Your property assets, click Edit to the right of the rental property.
- At the screen Did You Stop Using This Asset in 2024?, click Yes.
- At the screen Disposition Information, enter the date sold / retired from use. Continue.
- At the screen Special Handling Required?, review the questions.
- At the screen Home Sale, click No.
- At the screen Sales Information, enter numbers for expenses of sale. Click on Continue.
At the screen Results, you may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on. The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.
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