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Jon451
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I sold rental property this year. There were capital gains, but also major repair, upgrade, sales agent costs. Can T Tax assist in filing this part of my 2024 return?

whichT. Tax forms do I need to report the capital gains from the sale of a single family home I sold this past year?
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2 Replies

I sold rental property this year. There were capital gains, but also major repair, upgrade, sales agent costs. Can T Tax assist in filing this part of my 2024 return?

TurboTax will generate the appropriate forms and schedules for your transaction, but you will have to use TurboTax Premium if you plan to use an online version of TurboTax (note that you can use any desktop version of TurboTax).

I sold rental property this year. There were capital gains, but also major repair, upgrade, sales agent costs. Can T Tax assist in filing this part of my 2024 return?

See this TurboTax support FAQ for the sale of a rental property - https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/sold-rental-property-repor...

 

 

For an estimate, try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the sale to see the effect.
Enter the difference between the sale price and what you paid for it originally  as a long term capital gain (LTCG). Enter the depreciation you've taken over the years (depreciation "recapture") as other income. Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. Depreciation recapture is taxed at your marginal rate, but not more than 25% (the Taxcaster tool is not capable of applying the 25% cap).

 

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