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It depends on the amount of depreciation you have taken.
In general, the gain or loss on the sale of a rental property is sales price minus original cost plus depreciation taken (ex: $120,000 - $91,000 + $10,000 = $39,000 capital gain).
When you enter this in TurboTax, the program automatically calculates the gain or loss for you. See this post for more help: How do I report the Sale of Rental Property?
It depends on the amount of depreciation you have taken.
In general, the gain or loss on the sale of a rental property is sales price minus original cost plus depreciation taken (ex: $120,000 - $91,000 + $10,000 = $39,000 capital gain).
When you enter this in TurboTax, the program automatically calculates the gain or loss for you. See this post for more help: How do I report the Sale of Rental Property?
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