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