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I have an investment property. I have a Schedule E worksheet for the depreciation on the structure. Turbo tax is saying "Disposition Property Type must be entered" What disposition property type is a single family home?
The options I am considering are
-Trade or business property (sec 1245)
-Real property (Sec 1250
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I have an investment property. I have a Schedule E worksheet for the depreciation on the structure. Turbo tax is saying "Disposition Property Type must be entered" What disposition property type is a single family home?
1250 ... a structure is REAL property which is why you pay Real Estate taxes on it.
That said ... if you have the asset listed properly (in the Sch E section as you are required to do so) then the program will automatically handle this for you when you indicate the asset was sold.
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