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vineshk01
New Member

? I made net proceeds from sale of $32,187.94 from a rental sale. Where do I imput this so I can pay taxes on it?

Gross Proceeds 110,515.80 on a 1099S.  Net Proceeds 32,187.94 from Escrow. 

Where do I input the 110.515.80 on Turbo Taxes for the rental?  Where do I put the Net Proceeds(Check I received from Escrow from the sale) so I can Pay Taxes on it?

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Accepted Solutions
LinaJ2018
Intuit Alumni

? I made net proceeds from sale of $32,187.94 from a rental sale. Where do I imput this so I can pay taxes on it?

To get to the screens to report your sale of rental, you have to go through the rental income and expenses step-by-step interview questions.  

 

Here are the steps:

 

  • Sign in to your account and select Pick up where you left off
  • At the right upper corner, in the search box, type in schedule e and Enter 
  • Select Jump to schedule e
  • On the next screen, Income from Rentals or Royalty Property You Own, answer Yes to Did you have any rental or royalty income and expenses in 2016 for property you own?  Follow prompts
  • On-screen, Do Any of These Situations Apply to This Property?  check I sold or disposed of this property in 2019 Continue through ...
  • On the screen, Your Rental Summary, select Start at the sections where you need to enter information.  At 
  • Sale of Property / Depreciation,  select Start
  • Follow the prompts to complete.  
  • On-screen, Depreciation for Your Rental Property, select Yes and follow prompts
  • On-screen, Describe This Asset, select Rental Real Estate Property and Continue, follow prompts
  • On-screen, Tell Us About This Rental Asset, enter information and select Continue
  • On-screen, Tell Us About This Rental Asset, enter information. 

 

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1 Reply
LinaJ2018
Intuit Alumni

? I made net proceeds from sale of $32,187.94 from a rental sale. Where do I imput this so I can pay taxes on it?

To get to the screens to report your sale of rental, you have to go through the rental income and expenses step-by-step interview questions.  

 

Here are the steps:

 

  • Sign in to your account and select Pick up where you left off
  • At the right upper corner, in the search box, type in schedule e and Enter 
  • Select Jump to schedule e
  • On the next screen, Income from Rentals or Royalty Property You Own, answer Yes to Did you have any rental or royalty income and expenses in 2016 for property you own?  Follow prompts
  • On-screen, Do Any of These Situations Apply to This Property?  check I sold or disposed of this property in 2019 Continue through ...
  • On the screen, Your Rental Summary, select Start at the sections where you need to enter information.  At 
  • Sale of Property / Depreciation,  select Start
  • Follow the prompts to complete.  
  • On-screen, Depreciation for Your Rental Property, select Yes and follow prompts
  • On-screen, Describe This Asset, select Rental Real Estate Property and Continue, follow prompts
  • On-screen, Tell Us About This Rental Asset, enter information and select Continue
  • On-screen, Tell Us About This Rental Asset, enter information. 

 

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