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In TurboTax Home & Biz, how do I enter a sale of rental property without depreciation?
Hi,
I sold a rental property that I partially own. I've never received any of the rental income from the property and as such never taken any depreciation. The sale resulted in a gain, however when I tried to enter it into TurboTax with 0 depreciation, the software does not calculate tax (I tested with some depreciation and it calculates the taxes owe properly). How can I enter this sale transaction in TurboTax?
Thanks
posted
April 15, 2021
2:45 PM
last updated
April 15, 2021
2:45 PM
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In TurboTax Home & Biz, how do I enter a sale of rental property without depreciation?
Assuming you did not report this on SCH E *ever* for the entire time you owned your portion of it, report the sale in the Investments Income under Stocks, Bonds, Mutual Funds, Other.
April 15, 2021
3:41 PM
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