turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

i sold my rental property and am not sure where to enter the information in turbo tax. when I mark that i sold it it only asks for sales date and nothing else.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
pk
Level 15
Level 15

i sold my rental property and am not sure where to enter the information in turbo tax. when I mark that i sold it it only asks for sales date and nothing else.

@hferrin701 , whereas I am not familiar with the screens of the  on-line versions,  for Windows download of  Home & Business, you select  "Business income" tab, then select "I will choose what I work on".  Then from the list of business incomes  select "sold  Rental property " --- now follow through the screens .  This will walk you through filling out the form 4797 --- see this  instructions  ---  2024 Instructions for Form 4797

 

Note that for this you will need a few items from your Schedule-E  and records :

Date of Purchase, Acquisition cost,  Cost of improvements over the years ,  Accumulated Depreciation, Any suspended losses etc. 

From your sales doc / 1099-S and/or HUD-1   you will need  Sales Price,  Sales Costs such as  Commission,  Title work costs, Transfer Tax etc.

From your records  you will need -- Any repairs/improvements etc. as part of sales Prep. cost  ( in addition to above sales costs. )

 

Is there more I can help you with ?

 

KrisD15
Expert Alumni

i sold my rental property and am not sure where to enter the information in turbo tax. when I mark that i sold it it only asks for sales date and nothing else.

After indicating that it was sold, please go to the Asset/Depreciation section to report the sale. 

 

Enter all the 2024 income and expenses for that rental first
Go to the "Property Profile" section, and select "I sold this rental in 2024" on the “Do Any Of These Situations Apply To This Property?" screen.


Continue through that interview but do not leave the Rental Section
Scroll down to Sale of Property/ Depreciation
(if you don't see Sale of Property/ Depreciation you didn't select "I sold this rental in 2024")
Yes, I want to go to my asset summary 
Select EDIT for the property


Continue through this interview and be sure to select on the "Tell Us More About This Rental Asset" screen ALL- 
I purchased this asset (if appropriate)
The item was sold
Yes or No to 100% use


Continue through the interview and report the sale
Allocate the sale proceeds to the property and the land, as well as any additional assets listed for that rental


Sale proceeds over cost will be capital gain (capital gain tax rate)
DEPRECIATION RECAPTURE will be Ordinary Income (your tax rate)

 

@hferrin701 
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question