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There is no more Online TurboTax Premier, only Premium which you would need if you sold a rental property and want to use an online version of TurboTax.
You can, however, use any desktop version of TurboTax.
YOu can use the same exact flavor and version of TTX that you've always used for reporting your rental property.
Reporting the Sale of Rental Property
If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.
Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will have a selection on it for "I sold or otherwise disposed of this property in 2023". Select it. After you select the "I sold or otherwise disposed of this property in 2023" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even if it's zero. Then you MUST work through the "Sale of Property/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).
Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets. You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset. Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1 on some assets. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1 on some assets.
Basically, when working through an asset you select the option for "I stopped using this asset in 2023" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.
When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.
@Carl wrote:
YOu can use the same exact flavor and version of TTX that you've always used for reporting your rental property.
You are assuming @Retired_Techie is using desktop Premier (which may be the case).
However, the online version of Premier has been replaced by TurboTax PremiumT.
Thank you all who have replied to my question.
Just for the record I have been using the CD versions of Turbo Tax.
Originally I wanted to know which version of the Turbo Tax CD I needed to order.
I once tried the download version instead of the CD version and found it too difficult for me to follow as I was so used to the previous CD versions which were a bit different in how you work your way through the interegation phase.
A special shout out to
Carl (Level 15)
For a great reply to my original post.
@Retired_Techie just to clarify some things. Your use of the terminology can be misleading to some.
CD Version - You go to a store or you order on line a physical CD that is sent to you via mail or some other delivery service.
Download Version - This *is* the CD, but instead of having it in your possession on a physical CD, you elect to purchase it from TurboTax or some other online supplier. You download it. Then you double-click the downloaded file to install it on your computer.
Online version - This is the online version of the program that you access via a supported web browser of your choosing. The program is not installed on your computer. The online version is vastly different from the CD/download version in the way it presents it's screens and menus. Additionally, some flavors of the online version do not have the same features as the same flavor of the CD version. For example, the online version of Premier does not include SCH C. Whereas all versions of the CD/Download program do include it.
@Carl FYI, in case you are not aware and/or referring to past tax years, there is currently no online version of Premier. Both online Premier and Self-Employed have been folded in TurboTax Premium (online).
@Anonymous_ I spent about 5-6 minutes searching for the version information online, and can't find it for either CD or online flavors. I have them bookmarked from last year. However, the bookmarks don't work for this year. You got anything?
@Carl wrote:
@Anonymous_ I spent about 5-6 minutes searching for the version information online, and can't find it for either CD or online flavors. I have them bookmarked from last year. However, the bookmarks don't work for this year. You got anything?
Yes, @Carl, and it's not optimum because they seem to want to obfuscate the different versions on the primary landing page.
The link below, however, will show up the different tax forms and schedules that are available (or not) in the different online versions. I suggest bookmarking it because I can't find anything else that refers to the 4 online versions and included forms/schedules.
https://turbotax.intuit.com/personal-taxes/online/deluxe.jsp#tax-forms
Here's the link for the CD/Download: https://turbotax.intuit.com/personal-taxes/cd-download
Thanks. Bookmarked for reference now.
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