turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

seeker1308
Returning Member

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

 
6 Replies
seeker1308
Returning Member

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

I did not receive a 1099-S for this sale

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

Not all are required to be out yet, so you still may.  It is still the right way to go, report the correct sales price, and then take the selling expenses.  A 1099S may come late and you still want the return to match and avoid any flags with the matching program.
seeker1308
Returning Member

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

So where does the 10k get entered within Rental Expenses? It doesn't seem to fit any of the categories available.

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

no when the sale is entered, it will ask for sales expenses, so enter it there.  If it does not ask, then reduce the sales price and document your tax file as to how amount was arrived at.
seeker1308
Returning Member

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

Thanks, I see what you mean now. The Depreciation wizard wasn't taking me to the sale screen at first. Now to try to calculate this "business portion(s)" of this sale 😕

I sold a rental property in 2017 & paid a $10,000 seller credit at closing. Is this 10k tax deductible? If so, in which section of rental expenses do I enter this amount?

If you paid a seller credit of $10K it is just like selling the property for $10K less, so your selling expenses need to include this $10K.  This way the 1099S will match the sales price.

It does not go as normal rental expense, as it is not related to renting property but the sale of the property. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies