I sold my rental property and where do I enter sales information?

[MichaelL1]

You will enter the sales in the Rental Income and Expense area.

When you go to this area, in the beginning, there are questions, and you will need to X the box that the rental was sold.

The key to doing this correctly is to allocate the sales price and all selling expenses to what was all sold.

For example, say the rental building was bought for $100K, and then you allocated $80K to the building, and $20K to the land, and two years ago spent $15K on new HVAC.

When you sell this rental for $150K you allocate X% to land, building and HVAC (so 100% of sales price is allocated).

You do this same allocation with the selling expenses.

You will go to the Asset/Depreciation schedule and will enter the Sales price, sales date, selling expenses for each asset sold.

See below for more details:

https://ttlc.intuit.com/replies/3388350