Rental property sale

[mawtsd]

I sold a rental property in 2021 that I owned 50%. Do I have to reduce all the numbers related to the sale by half, or does Turbo Tax do that automatically?

[MinhT1]

No. You have to do the math and report the sale of your share of 50% of the property.

[mawtsd]

When I get to Sales Information (Easy Step) The total sale for the house was 253K. I determined the structure to be 79%, or $199,900 and land 21%, or %53,100. So as 50% owner of property I would enter: 

ASSET SALES PRICE - 99,500

ASSET SALES EXPENSES - 

LAND SALES PRICE - 26, 550

LAND SALES EXPENSES-

[ColeenD3]

Yes, but you did not have expenses of sale? You would prorate the expenses by the same percentage.

[mawtsd]

Thank you for your help, I have one final question concerning the remaining assets. For the sales price do I put the amount depreciated and sales expense the amount that has not been depreciated. Also, do I reduce these number by 50%?

[AmyC]

No. The program will automatically calculate all the depreciation for you and enter it into the calculations. When you go into your assets, mark each one sold for $0 since the house sold, not each little asset associated with it. The program will determine the rest for you. The program already knows the date the asset was put into place, how much you paid, and how long it has been depreciated.