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litldity
New Member

I sold a rental property in 2020. What form will I be receiving to enter into TurboTax to report the gain/loss?

 
2 Replies
KathrynG3
Expert Alumni

I sold a rental property in 2020. What form will I be receiving to enter into TurboTax to report the gain/loss?

You will be receiving Form 1099-S.

 

When you are entering details about your rental, be sure to include checking the Sold box when asked to Tell us about your situation this year

 

This will trigger TurboTax to eventually ask about the rental property details to report the sale. It will be done in the Expenses/Assets (Depreciation) section. 

 

For more information about selling your rental, see: I sold my rental property. How do I report that? 

 

 

When selling a rental property, the depreciation "allowed or allowable" is included in calculating the gain. This means depreciation will be recaptured whether or not it was included as part of your expenses in prior periods. If you did take the depreciation each year, then no additional adjustment is necessary. If you did not take the depreciation deduction and it is now counting, consider Form 3115, change of accounting method, to correct the depreciation method and allow the expenses to be included now.

 

For more information about rental depreciation, click What is rental depreciation and how does it differ from an expense?

 

 

Critter-3
Level 15

I sold a rental property in 2020. What form will I be receiving to enter into TurboTax to report the gain/loss?

The closing company should have given  you the 1099-S at the closing ... look in the mass of papers they sent home with you.  

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