Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jrbummer
New Member

Sale of rental home

How do I incorporate the sale of a rental property that was my primary residence 3 years ago? I've tried into turbo tax and it keeps going into pretty vague points. Please help
1 Reply
PaulaM
Employee Tax Expert

Sale of rental home

If you previously entered the property as a rental, navigate back to the section. Under the Property Profile, indicate that you sold the property and continue until reaching the Rental Summary page.

Under Sale of Property/Depreciation, indicate that you sold the property and its disposal date. Also, select the radio button,  No, I have not always used this item 100% of the time for this business. Enter the date you began to use it for business.

This will calculate any depreciation up to the date of the sale and remove the worksheets going forward. Continue to enter the sales price and selling expenses.

You will need to dispose of any other assets under the asset summary the same way, allocating a percentage of the sales price to each. See attachments and link below for reference.

https://ttlc.intuit.com/questions/2894278-rental-property-sale-w-multiple-assets-depreciation-do-i-n... 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
v
Privacy Settings