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Canarycah
New Member

Rental House up for sale in 2018 and sold in 2019

My rental house was occupied thru 8/2018 and then put up for sale. I deducted only the related expenses for period 1/1-8/31,2018. we had extensive repairs during 2018 to get it ready to sell (which I did not deduct).  It sold in February 2019 which I have received a 1099-S for.  When I try to enter the info into Turbo Tax for 2019 under the Rental Income section it tells me I must enter it under other income because it wasn't rented at all in 2019. Is that correct?  Where exactly would I enter it? on Schedule D with the other investments?

3 Replies
ColeenD3
Employee Tax Expert

Rental House up for sale in 2018 and sold in 2019

Yes, because there was no rental use in 2019, you must enter it in Sales of Business Property. The information will flow to Form 4797. 

Note your depreciation amount and any passivle losses you might have had. You will need to delete the Schedule E before you e-file.

 

To this rental sale under the sale of a business property in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Business" tab ("Federal Taxes" tab in Premier)
  2. Next click on “Business Income and Expense" ("Wages and Income" tab in Premier)
  3. Next click on “I’ll choose what I work on” (Jump to full list)
  4. Scroll down the screen until to come to the section “Less Common Business Situations” ("Business Items" in Premier)
  5. Choose “Sale of Business Property” and select “start’
  6. Select "Sale of business or rental property that you haven't already reported"
  7. Sale of Business or Rental Property - yes
  8. Enter all the information about your Rental Property Sale here
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yuhaohe89
Level 1

Rental House up for sale in 2018 and sold in 2019

Hi, I have similar situation. I rented the property in 2018 and listed it for sell in 2018. But the property was sold in 2019. I tried the sell of business section but it doesn't allow me because I have a loss from the sell. What should I do?

AmyC
Employee Tax Expert

Rental House up for sale in 2018 and sold in 2019

You can use the rental property section and say it was rented for one day. This will allow you to dispose of any other items you may have been depreciating with the house. You might have appliances and other things that need to be disposed of besides the house.

 

 

@yuhaohe89

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