Rental property sale

[jason79er]

Where do I put the expenses of closing (selling) my rental property?  Things like closing costs, realtor fees, etc.?  Thanks.

[MichaelL1]

When you enter the sale of the rental, these all go under Selling expenses.

I just went through my program to show a rental sale and right after I enter the sales price, it asks for Asset Sales expenses.  This is where the closing costs (sales commission, paperwork etc.) would be entered.

If you don't see this go to Asset/Depreciation on the Rental summary page and go through each asset.

The key on the sale of a rental is to make sure the sales price is allocated to each asset.  For example, you will have a building, land and you may have appliances or improvements made that are still on the depreciation schedule that need to be accounted for. 

Please post a comment if you need further assistance on this. 

[troona]

In 2018 I sold my rental house that was rented since 2011.  It had roof replacement and counter top replacement added as capital improvements  (done in 2018 and 2017 respectively).

According to my property taxes I allocate  sale price and sales expense  between land and a house  as 25/75 ratio.

How do I allocate roof and counter-top portions of a sale price/expense?