I have sold a rental property that I have owned for 38 years and have used Turbo tax forever.
Does Turbo tax provide the total depreciation amount for the house when I sell it or do I have to insert it as "additional depreciation" in TuboTax form? (I did find it confusing that I needed to sell everything separately in the list of depreciated items - including the house.)
If I need to provide the depreciated amount what page in TurboTax does it go?
Assuming the property was still a rental at the time you sold it, if you report the sale in the SCH E section of the program, then the program (not you) will take care of all the depreciation capture and carryover losses for you. The details (when you're done) will be on the SCH D and form 4797.
Reporting the Sale of Rental Property
If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.
Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will have a selection on it for "I sold or otherwise disposed of this property in 2021". Select it. After you select the "I sold or otherwise disposed of this property in 2021" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even if it's zero. Then you MUST work through the "Sale of Property/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).
Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets. You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset. Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1 on some assets. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1 on some assets.
Basically, when working through an asset you select the option for "I stopped using this asset in 2021" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.
When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.
No, you don't have to provide the amount of depreciation on an asset since you used TurboTax and the depreciation is carried over from one year to the next.
When you sell your rental, TurboTax provides (auto populates) the amount of depreciation taken and you just need to confirm the amount as you're entering the sale of the item.
In TurboTax, you have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax.
Please see: I sold my rental property. How do I report that?