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gramjudi
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I sold my rental property and used funds to pay off my main residence. How do I include that?

 
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TomYoung
Level 13

I sold my rental property and used funds to pay off my main residence. How do I include that?

Assuming you've been reporting your rental activity on Schedule E using TurboTax then you'll need to report the sale using that same interview: "Rental Properties and Royalties (Sch E)".

The "payoff of your main residence" is not reported anywhere in the income tax return.  You'll simply report less - or no - mortgage interest deductions on Schedule A.

Tom Young

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TomYoung
Level 13

I sold my rental property and used funds to pay off my main residence. How do I include that?

Assuming you've been reporting your rental activity on Schedule E using TurboTax then you'll need to report the sale using that same interview: "Rental Properties and Royalties (Sch E)".

The "payoff of your main residence" is not reported anywhere in the income tax return.  You'll simply report less - or no - mortgage interest deductions on Schedule A.

Tom Young

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