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: 
Sweetlb
New Member

Rental House – Sales Information

In 2008 I bought a house with my brother (50/50 split).

In 2011, we turned it into a rental and then sold in 2020.

In TurboTax, I am entering everything at 50% (my half).

When entering the Cost basis I enter $144k.

All of my sales info is coming from the closing statement.

For the sales price, I am entering $178k.

What do I enter for the “Sales Expenses”?

On my closing statement, I have a total of $154k in expenses, but my mortgage payoff is part of this ($142k).

Do I enter this amount, or subtract the payoff from the closing statement “Total Due From Seller” and only enter $12k?

If I enter the $154k as sales expense, it says I have a loss of $74k. Not sure about this.

If I enter the $12k as sales expense, it says I have a gain of $4k.

This makes more sense, but want to be sure.

2 Replies
Carl
Level 15

Rental House – Sales Information

Subtract the loan payoff from your sales expenses amount, and enter the difference as your sales expenses. Then you can press on and you'll be fine.

 

 

Carl
Level 15

Rental House – Sales Information

Oh yeah, remember that you're only reporting half of the sales expenses. Your brother gets the other half.

 

Dynamic AdsDynamic Ads
v
Privacy Settings