You'll need to sign in or create an account to connect with an expert.
OK when you go through the rental section it will ask if you disposed of the property and you need to mark yes to that.
Then after all the rental income and expenses are entered, you will go through the sale of the rental.
One thing you need to do is look at the Asset/Deprciation section to make sure all the assets listed are accounted for in the sale of the rental.
So for example you sold it for $250K
You allocate some to Building (most actually)
the Land,
and if you have any improvements that you capitalized and depreciated after it became a rental --they would be on the depreciation schedule.
Also allocate the sales costs you incurred.
OK when you go through the rental section it will ask if you disposed of the property and you need to mark yes to that.
Then after all the rental income and expenses are entered, you will go through the sale of the rental.
One thing you need to do is look at the Asset/Deprciation section to make sure all the assets listed are accounted for in the sale of the rental.
So for example you sold it for $250K
You allocate some to Building (most actually)
the Land,
and if you have any improvements that you capitalized and depreciated after it became a rental --they would be on the depreciation schedule.
Also allocate the sales costs you incurred.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jadaadams44
Returning Member
obeteta
New Member
Cat_Sushi
Level 2
bruced63
New Member
user483784620
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.