Solved: Re: Sold my rental property
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
PegK
Level 2

Sold my rental property

Grrrr. No clear pathway to entering the sale of our rental property.  The info provided on the Turbo web site doesn't work.  Other issues, too.  After 20 years of using turbo tax and paying $110 for the business edition this year I am having to hire an accountant a pay a couple of hundred dollars. Turbotax was great when there were not real changes not so much with you have some real changes. Disappointed.

1 Best answer

Accepted Solutions
tagteam
Level 15

Sold my rental property

Try starting with the Business tab and click Business Income and Expenses. 

 

Click the Update button in the Rental Properties and Royalties section. Review your property and make sure to indicate that you sold the property in the Property Profile section.

 

In the Sale of Property/Depreciation section, go through the screens carefully and make sure you checked the box indicating you sold the property. The program will then prompt you for the date you sold the property.

View solution in original post

10 Replies
tagteam
Level 15

Sold my rental property

You indicate you sold the property in the Property Profile section and then also in the Assets/Depreciation section of the program.

 

Are you stuck somewhere? Did the program not ask for the details of the transaction?

 

Which version of TurboTax are you using?

PegK
Level 2

Sold my rental property

Thanks for a quick response.  I am using Home & Business 2020.  First, when I go to Income Summary, I cannot even find rental listed. I have to go to the "topic list" to even find the rentals. Then it takes me to the rental and royalty summary where the property is listed and asks me if I want to add another (answer is no). 

So I opt for "edit" by the property.  There is a place that says  "sale of property;depreciation" and I opt to update that. There it asks if I want to go to my asset summary. If I say yes, it lists my property assets. I can add another asset (which I don't want to do) or go back.  If I then opt "no I want to review my answers" it asks if I bought items for my business that cost less than $2500 (no) did I make improvements (no) then goes back to the property assets summary.  

My only other choice is "done".

Nowhere does it give me a choice about selling even though this topic is supposed to do that.

 

tagteam
Level 15

Sold my rental property

Try starting with the Business tab and click Business Income and Expenses. 

 

Click the Update button in the Rental Properties and Royalties section. Review your property and make sure to indicate that you sold the property in the Property Profile section.

 

In the Sale of Property/Depreciation section, go through the screens carefully and make sure you checked the box indicating you sold the property. The program will then prompt you for the date you sold the property.

View solution in original post

PegK
Level 2

Sold my rental property

Wish I could send you a screen shot.  I went carefully through the screens once again. I made sure the box that I sold the property early on in the process was checked.  When it brings me to the "Property Assets" page there is a small notation: "Earlier you told us that you sold your Little Cottage. Be sure to enter your sales information in this section so we can calculate your capital gain or loss."  

 

It all stops there. There is no place to enter that the property was sold.  There is just my list of assets. When I list it as an asset, it never asks was it was sold for, just the date, so I don't think that is right. And there were closings costs, etc. 

DianeW777
Expert Alumni

Sold my rental property

You are correct.  You must go into each asset, indicate it was sold, then enter the sales price and sales expenses. This is the normal process for any rental sale.  

 

The IRS requires that the selling price be proportionately prorated to arrive at a selling price for each 'piece' of a rental property since many assets can be placed in service at different times, such as your roof.

 

The selling price should be prorated for each asset then entered for each asset when you indicate they were sold or disposed of. You will not lose the remaining depreciation because you will use the remaining basis against the selling price to determine gain or loss. 

To figure out the selling price for each asset:

  1. Take the current basis of each asset against the total combined basis of all of your assets to figure out the sales price for each one; OR 
  2. Determine a fair market value for each asset against the total value of all assets to figure out the sale price for each one. 

You need to dispose of the property by telling the software how and when it was disposed of. 

  • Down the left side, click Federal
  • Click on Income & Expenses
  • Under Your income and expenses, scroll down to
  • Rental properties and royalties, click Edit/Add
  • Do you want to review your rental?, click Yes
  • Under Rent and Royalty Summary, click Edit
  • Click Update to the right of Assets/Depreciation.
  • Do you want to go directly to your asset summary?, click Yes and Continue
  • Click Edit to the right of the assets to be disposed
  • Go through several screens until you get to Tell Us More About This Rental Asset
  • Click on This item was sold…….
  • And continue to answer the questions

See also here.

scirving
New Member

Sold my rental property

Same here.  No clear path to enter the sale of the property.  Number #1:  I sold my property Feb 2020, therefore I did NOT rent it out at all.  So, the software deletes the rental property.  When the property is deleted, how are you suppose to go in and edit it ?  If I can't edit the rental, how am I suppose to get to the fact that I sold it.

grrrrrrr. 

ColeenD3
Employee Tax Expert

Sold my rental property

@scirving

 

If you have no rental income, the Schedule E does delete. You would then need to enter the sale in Sale of Business Property. You will need your prior year depreciation worksheet and Form 8582 if applicable.

 

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

6)Choose No to the question, "Do all of the following apply to the property you sold?".

7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".

8)Select the type of property from the drop down box.

9)Enter the information for your sale.

 

 

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

Sold my rental property

Thank you! 

The screen shot was very helpful!

rchmd
Returning Member

Sold my rental property

where do I enter the sale of a rental property? I am using Premier

HelenC12
Employee Tax Expert

Sold my rental property

@rchmd

 

To enter the sale of your rental property, see I sold my rental property. How do I report that?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
v
Privacy Settings