I sold my rental property in November 2023 & received a 1099-S from the seller's Title Company. The depreciable basis for the building is $153,096. I have entered everything regarding disposing of all the property assets. However, I am unable to locate the section to report:
1) cost of land ($150,000)
2) my prior unallowable loss.
Please advise. Thanks!
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Of course. The land can be added to the rental house or sold separately. If you do add it to the rental house, be sure to increase the total cost of the house by the land amount. TurboTax knows to remove the land before depreciating the property. The instructions for selling the land outside of the rental property can be done as follows:
The following instruction should help you with the location to enter your carryover loss. You must go into the rental property income section first, then follow the steps to enter your carryover loss.
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