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New Member

Rental Propoerty Sale

Wife bought townhome 12/2001, (Cost of purchase $200,0000, improvements $20,000). Primary Residence 12/2001 until 10/2007. Then rental until 10/2019. Sold 10/2019 for 314,000 with cost of sale $30,000. How do I enter in TurboTax?. 

3 Replies
Level 15

Rental Propoerty Sale

Since it is a rental it is sold off in the asset section of the Sch E entry screens ... hopefully the property was entered as an asset and it was properly depreciated ... if it was not then run to a local professional to get this mess fixed properly.

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New Member

Rental Propoerty Sale

Thanks for your response. I did claim the income along with expenses and depreciation for the time it was rented. The question is it was my wife's primary residence prior to using as rental property so I have to claim sale of primary residence.  What do I claim as the sale price of the home in the sale of primary home section. Is it the full sale price or adjusted for the time is was the primary (non business use) residence only? It was her primary residence for 10 years prior to being rental property for the last 10 years.

Level 15

Rental Propoerty Sale

Sorry but it is NOT sold as a personal residence ... it was not a personal residence for more than 3 years ... you are ONLY selling off a rental.  Follow the interview screens carefully.  

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