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I sold a rental property and Turbotax home & biz treats it as sale of my personal home

I went through all the steps of marking each depreciated asset as sold and reported cost of sale. Turbotax calculated the capital gains. 

Now, that rental property is showing up in the deductions as a personal home sold. Under Business Income, it says, "We previously reported the sale of this home on the Home Sale Worksheet. Is that correct?"

When I say no, I have to start the sales info all over; none of the info I entered is there. 

Is this a bug in the software? 

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Accepted Solutions
AmandaR1
New Member

I sold a rental property and Turbotax home & biz treats it as sale of my personal home

The software may refer to the real estate property as a 'home sale' and that is perfectly fine, it does refer to real estate as a home. 

It sounds like you've accurately entered the asset as sold under the rental property basic info/property profile and asset/depreciation sections ( from within the applicable rental property's summary screen ). These are the only entries you need to make to report the property sold. 

You should not enter the property under either of these two additional locations:

  1. Business >>> Less common business situations >>> Sale of Business Property
  2. Personal >>> Personal Income >>> Less Common Income >>> Sale of Home

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1 Reply
AmandaR1
New Member

I sold a rental property and Turbotax home & biz treats it as sale of my personal home

The software may refer to the real estate property as a 'home sale' and that is perfectly fine, it does refer to real estate as a home. 

It sounds like you've accurately entered the asset as sold under the rental property basic info/property profile and asset/depreciation sections ( from within the applicable rental property's summary screen ). These are the only entries you need to make to report the property sold. 

You should not enter the property under either of these two additional locations:

  1. Business >>> Less common business situations >>> Sale of Business Property
  2. Personal >>> Personal Income >>> Less Common Income >>> Sale of Home
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