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New Member

Sale of rental property in 2017?

Sale of rental property in 2017. I did not allocate the house vs the land value when I converted the house to a rental. 
How do I make the correction now? 
Can I allocate the sales proceeds in the same manner? 
The property tax split is 50/50 for asset value vs land value. 
I don't see anywhere do this in Turbotax Premier.
1 Reply
Expert Alumni

Sale of rental property in 2017?

Yes, you can make the allocation of home/land when you enter the sales proceeds.

Here's how to report the sale of rental property:

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