You will enter the Sale of Rental Property in the Rental Section; in both 'Property Profile' and 'Sale of Property/Depreciation' sub-topics (screenshot).
Click the link for more detailed info on how to enter Sale of Rental Property
Edited 1/28/2020 1:56 pm
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the loan you paid off has no effect on the gain or loss on the sale. as a matter of fact, there's nowhere to enter it. if you did a like-kind exchange that's a different matter post back becuase that gets entered
gain or loss =
less selling expenses
less the net of the basis in the property less the depreciation allowed or allowable.
Bottom line is, the loan payoff is never tax deductible on any tax return. Not ever. But you will receive a 1098-Mortgage Interest Statement from the lender showing the amount of interest you paid on that loan. That interest is deductible, and the program will specifically ask you if you received a 1098. If so, answer YES and enter the data requested.