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I sold a rental property where do i enter where i paid off the loan

 
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3 Replies
MarilynG1
Employee Tax Expert

I sold a rental property where do i enter where i paid off the loan

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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Anonymous
Not applicable

I sold a rental property where do i enter where i paid off the loan

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 =

sales price 

less selling expenses

less the net of the basis in the property less the depreciation allowed or allowable.  

Carl
Level 15

I sold a rental property where do i enter where i paid off the loan

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.

 

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