The sale of Rental Property is reported under Wages & Income >> Rental Properties. You will need both Form 1099-S and the Settlement Statement (HUD-1) to complete the sale entry. TurboTax will ask you about the conversion from personal to rental use.
If you did not use TurboTax last year, you will need to first enter the property under Assets/Depreciation, then record the sale from the Rental Summary screen.
Access this area of TurboTax under Federal Taxes >> Wages & Income >> Rental Properties & Royalties.
As you work through the interview sequence, be sure to check the circle beside "I sold or disposed of this property in 2016". (see first screenshot below). You can revisit that section again if you did not.
At the end of the interview, you should see the Rental Property Summary screen (screenshot #2 below). Click Start next to "Sale of Property" and work through the interview sequence. Be sure you mark the asset as sold with the date of the sale (screenshot #3 below). Here is a list of selling expenses: https://ttlc.intuit.com/questions/2812316. You may also include the cost of repairs needed in order to close. Repairs prior to listing the property are included under Rental Expenses.
Complete the interview and TurboTax will calculate the Gain/Loss on the sale based on your input.
