Sale of rental home previously primary residence

[consulting19]

I purchased a home in 1990 and it was my primary home until 2008.  I then started renting that home.  It was a rental until it was sold in 2019.  How do I enter the sale of this home in Turbo Tax? How do I enter the sales price, basis which includes improvements during ownership , expenses associated with the sale, etc. in Turbo Tax?

[ReginaM]

Follow these instructions to add the Sale of your rental properties in TurboTax:

1. While you are in your Tax Home,
2. Select Search in the top right side of your screen,
3. Enter Sale of Rental Property,
4. Select Jump to Sale of Rental Property,
5. Follow the on-screen prompts through this section.  

TurboTax will help you capture your costs, depreciation, and improvements as you work through this section.

[consulting19]

Although this is helpful, I'm still struggling with how to enter the selling expenses and the improvement amount we made throughout the life of this asset. 

[ColeenD3]

Add improvement and sales expenses to the basis.

Sales expenses include:

 - commissions

 - appraisal fees

 - broker's fees

 - legal fees

 - advertising fees

 - home inspection reports

 - title insurance

 - transfer taxes or fees

 - geological surveys

 - loan charges (points) or other fees paid on the buyer's behalf

Sales expenses do not include:

 - mortgage payoffs

 - home equity loan payoffs

 - rent-back costs

 - payoff to creditors

 - property taxes

 - home owner association fees

[consulting19]

During the sale of the home, after the inspection report, the buyer requested a reduction of the sales price by $5,000 to cover the items found during the inspection.  The seller agreed to this amount but paid the buyer via a certified check at closing.  The sales price was not changed on any of the closing documents.  Should this $5,000 be included as repairs against rental income or as part of the closing costs for the sale of the home?

[MaryK4]

You will want to add this to the closing costs for the sale to adjust the basis.

@consulting19

[Carl]

requested a reduction of the sales price by $5,000

Why go around your elbow to get to your thumb? Reduce the sales price you enter into the TurboTax program by $5,000 and press on.

[Carl]

requested a reduction of the sales price by $5,000

Why go around your elbow to get to your thumb? Simply reduce the sales price you enter into TurboTax by $5,000 and press on.