First, do not indicate zero days rented in 2024. You should indicate it was rented all year, at fair rental value because it was available until it was sold.
When you review the Rental Info under Situations, you will indicate it was sold. Follow the instructions below to enter your sale.
You need to dispose of the property by telling TurboTax how and when it was disposed of. Follow the instructions below.
- Click on Search (upper right) > type rentals > Enter > click Jump to .... link (or click the first FAQ and click Go to rentals)
- Answer the questions and on under Rent and Royalty Summary, click Edit
- Click Update to the right of Assets/Depreciation.
- Click Edit to the right of each asset to be disposed of
- Go through several screens until you get to Tell Us More About This Rental Asset
- Click on This item was sold……. And continue to answer the questions
You might also review information here.
Example of arriving at the selling price and sales expenses for each asset in your rental activity.
Example: Original Cost (of each asset on your depreciation schedule)
$10,000 Land = 13.33%
$50,000 House = 66.67%
$15,000 Improvements = 20%
$75,000 Total = 100%
Multiply each percentage times the sales price/sales expenses to arrive at each individual sales price/sales expense.
Please update here if you need further assistance and we will help.
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