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You have to indicate that you sold the property in both the Property Profile section and the Assets/Depreciation section (or Sale of Property/Depreciation section).
You have to indicate that you sold the property in both the Property Profile section and the Assets/Depreciation section (or Sale of Property/Depreciation section).
I sold my rental property. How do I report that?
Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.
Selling rental properties can earn investors immense profits, but may result in significant capital gains tax burdens.
If you are concerned with large capital gains you might consider section 1031 of the tax code.
"You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)"
I'm not the original poster, but I have the same question. I have gone to this Expenses/Assets (Depreciation) section to report the sale of my rental home, and it's not clear to me how to enter this information. A search for information online shows that the process is pretty complicated. Is TurboTax Premier sufficient to handle this? I'm not very tax savvy which is why I'm using the program. The questions are going a bit over my head for this section.
I am using TT Home and Business. I have entered my property profile and rental income and expenses. I am at Sale of property/Depreciation but it is not clear how to enter the sale. Please walk through this step.
See screenshot below.
You need to upgrade your TurboTax with rentals and business. In this version, under Business, in the very last line, there is a Sale of Business Property
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