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Anonymous
Not applicable

Rental home goes under business or personal?

And I sold it; it was empty for about 4 months so I know I have a loss, but also a gain from selling it and I can't figure out if it goes under business or personal cause the wizard steps are making it show up under both.
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3 Replies
Anonymous
Not applicable

Rental home goes under business or personal?

Thanks for the quick reply -- I did schedule a call for tomorrow morning, but when I 'edit' the property and indicate I sold it there are no fields whatsoever to add the sales price, closing cost etc.  Line 17 has a -14k indicated .... which would be great if it's accurate, but I somehow think it's not if I'm not reporting somewhere that I walked away with a $29k check.
AmandaR1
New Member

Rental home goes under business or personal?

Yes, you also need to go under Depreciation from the main screen and dispose of the house, that's where you'll be asked about the sale info and gain or loss calculated. It now tells you this when you mark it as sold (previously I thought it was in this section like for other investments). However, I just tested it and you need to go to the depreciation section from the summary screen for the property.
AmandaR1
New Member

Rental home goes under business or personal?

Rental properties are reported on schedule E, with the net amount flowing to your personal form 1040. My assumption is that you experienced a change with the software, after the wizard, which is why you're noticing the two locations for entry. You don't need to enter it again and I'll include directions last to verify it's not repeated. I'll also explain how to enter the sale. 

Once you enter any "depreciation" (which applies to a house or other "assets" like cell phone, furniture, computer) for assets over $2,500; the software experience changes to accommodate the additional functionality needed. When it does this, your experience will change and a Business tab will form. When you're under Business Rental Properties this is actually the same location as what was Federal Taxes (changed to Personal) > Wages & Income (now Personal Income) > Rental Properties.

As for the sale, you can enter under the Business tab and select to Update/Edit Rental Properties. When you come to the summary screen listing your properties entered; click Edit next to the property you sold. Next, you'll be on a summary screen and need to select to Edit the Property Profile. Answer through these screens and you'll be able to tell the software you sold the property; you'll then be asked additional questions about the sale. Note: if you did enter the property twice you'll see this from the summary screen and can click Delete to remove any extra entry.

To check your return to assure the net income from rental properties isn't double counted, you can preview your main tax form 1040 (can look at any time without paying for the software) and check line 17, which reports net income from your rental. https://ttlc.intuit.com/replies/3302322

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