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@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 ?
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)
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