I sold a rental property this year and was prompted to enter the asset sales price and expense. should i reduce sales price by expenses?

[rebecca-a-gelb]

I previewed my return and it doesn't seem like the expenses were taken into account. Should I subtract them from the sales price?

[MarilynG1]

No, there is a separate entry for Sales Expenses on the Sale of Rental Property. 

Click this link for more info on How to Report Sale of Rental Property. 

[rebecca-a-gelb]

I saw that field and entered the number but when I preview my return, I don’t see that number accounted for in any way. Where on the forms should it go? I’m seeing capital gain as the sales price minus purchase price but don’t see the expenses anywhere. Am I doing something wrong?

[Critter-3]

You need to look at all the forms carefully ... the sale should be on the 4797.

You can peek at only  the Federal form 1040 (and Sch 1-3) and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2020 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

[rebecca-a-gelb]

Hi, I’ve already paid for it and can see the forms fully. Since I’m not a tax expert, my question is about how the expenses for the sale should be accounted for within that form. If my sale price is $175,000, my cost was $145,000 and my expenses were $15,000, where are the $15,000 accounted for in the form. Right now I see $30,000 as capital gain and am not seeing $15,000 anywhere.