Solved: I sold my rental property in June 2018 with this money I bought other rental property August 2018, I need pay taxes for the sold property , which form I need to use ,
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I sold my rental property in June 2018 with this money I bought other rental property August 2018, I need pay taxes for the sold property , which form I need to use ,

My question is I need pay taxes for the gain or this money that I used for buy other investment property is tax free

1 Best answer

Accepted Solutions
Highlighted
New Member

I sold my rental property in June 2018 with this money I bought other rental property August 2018, I need pay taxes for the sold property , which form I need to use ,

If you had a gain, that gain is taxable. Buying a new rental does not change that unless you set up a Like Kind exchange in advance and adhered to the dates allowed to follow through.

If you rented your first property at all in 2018, you will need to enter your information in the Rental Section. If not, enter it in Sale of Business Property. Your entries will be transferred to Form 4797 Sales of Business Property. Any rental income or expenses for the year will be on Schedule E.

Enter the rental:

Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.

  1. Search for rentals and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
  • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
  • Eventually, you'll come to the Rental Summary screen which is where you enter your:
    • Rental income
    • Rental expenses
    • Capital assets and depreciation
    • Vehicle expenses

If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.


View solution in original post

1 Reply
Highlighted
New Member

I sold my rental property in June 2018 with this money I bought other rental property August 2018, I need pay taxes for the sold property , which form I need to use ,

If you had a gain, that gain is taxable. Buying a new rental does not change that unless you set up a Like Kind exchange in advance and adhered to the dates allowed to follow through.

If you rented your first property at all in 2018, you will need to enter your information in the Rental Section. If not, enter it in Sale of Business Property. Your entries will be transferred to Form 4797 Sales of Business Property. Any rental income or expenses for the year will be on Schedule E.

Enter the rental:

Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.

  1. Search for rentals and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
  • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
  • Eventually, you'll come to the Rental Summary screen which is where you enter your:
    • Rental income
    • Rental expenses
    • Capital assets and depreciation
    • Vehicle expenses

If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.


View solution in original post

v
Privacy Settings