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Rental sale

I have tried to enter the sale of a rental property and have followed the info to report it I cannot access the Expenses/Assets (Depreciation) section.  I checked that I sold the property and entered the dates but have not been able to enter the sales information.  Do I have to show it under the Business Sale.  This has only been reported as a private rental not as a business all these years.

 

I paid twice for expert advice and they were no help and was told to file an extension and pay for them to finish my return.

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Accepted Solutions
PatriciaV
Employee Tax Expert

Rental sale

If this property has not been reported as a rental on previous tax returns, enter the sale under Sale of Business Property and not under Rentals and Royalties. You will need to know the amount of depreciation that was claimed (if any).

 

Open your return and search on "sale of business property" then click on the jump-to link to go directly to this section of TurboTax.

 

Be sure to delete any information you entered under Rental and Royalty Properties.

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3 Replies
PatriciaV
Employee Tax Expert

Rental sale

If this property has not been reported as a rental on previous tax returns, enter the sale under Sale of Business Property and not under Rentals and Royalties. You will need to know the amount of depreciation that was claimed (if any).

 

Open your return and search on "sale of business property" then click on the jump-to link to go directly to this section of TurboTax.

 

Be sure to delete any information you entered under Rental and Royalty Properties.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Rental sale

It has always been reported as a rental property and not as a business property and depreciation has been taken when possible and Turbo Tax has been shown total depreciation taken through the years.  

KrisD15
Employee Tax Expert

Rental sale

Since the "Property Profile" has been entered, you first enter "Rental Income" then "Expenses".

Now go to "Property Profile" 

Select "Sold" 

Was it always a rental? 

Is this more than part of your home? (not renting just a room)

"Enter my rental info myself"

Continue, this will compute the income or loss for the year.

 

Scroll down to "Sale of Property/Depreciation" on the "Review Your Rental Summary" screen

Start or Update

Select either option, "Yes, go to summary" or "No, review answers" 

Continue a few screens to "Your Property Assets" (NOTE, if you have NOT entered the assets, you'll need to do that now, choose "Rental Real estate Property)

 

ON THE "TELL US MORE ABOUT THIS RENTAL ASSET" be sure to select ALL that apply, including "The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away" 

Enter the date it was sold

Continue

Confirm Your Prior Depreciation

If sold, select "NO" to special handling"

Continue and enter the sales information 

 

If you have assets (such as appliances) , clear them from the books, usually allocating sales proceeds that equal the remaining value of the asset. 

Be sure to separate the sale proceeds between building and land

 

You may have "Depreciation Recapture" which is ordinary income and/or Capital Gain from the sale 

 

 

 

 

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