To
this rental sale under the sale of a business property in TurboTax Online
or Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Business" tab ("Federal Taxes" tab in
Premier)
- Next click on “Business
Income and Expense" ("Wages and Income" tab in Premier)
- Next click on “I’ll choose
what I work on” (Jump to full list)
- Scroll down the screen until
to come to the section “Less Common Business Situations” ("Business
Items" in Premier)
- Choose “Sale of Business
Property” and select “start’
- Select "Sale of business
or rental property that you haven't already reported"
- Sale of Business or Rental
Property - yes
- Enter all the information
about your Rental Property Sale here
- Description - address of
property
- Date acquired - original
acquisition date
- Date sold - date of sale
(should be on 1099-S)
- Total sales price - total
sales price (should be listed on 1099-S)
- Cost of property (or tax
basis) plus expenses of sales - original cost plus any capital
improvements plus expenses of sales
- Depreciation taken on this
property - total depreciation taken property when rental (Please note the
IRS will assume that you have taken the correct depreciation on your
rental property while your property was available for rent regardless of
whether you have actually take it or not)
- What type of property is
this? - select - Rental estate that I took depreciation on.
- Installment sales - no if not
on installment sale
- 2 screens that show the
summary of what you have entered for your property sale
- Sale of Other Business
Property - Choose yes if any of these situation apply, otherwise choose
no.
