Is this a boo-boo?
I rented a property for all of 2018, but not in 2019. It was our primary home until rented in Nov 2011.
At that time it was valued at a total of $155,603 (land $19,926). It sold November, 2018
Did you mean to state you sold the property in 2019?
I made the mistake of deleting the rental property
The only possible way to get it back and to "KNOW" for an absolute fact the data is 100% correct, is to clear your tax return and start all over from scratch. Any other way, and there's a 99.9% probability your tax return reporting this sale will be wrong. it also takes an inordinately long time and a lot of effort (mentally and physically) to try and re-enter the deleted data manually.
If you are using the CD/Desktop version of TurboTax, close the program and delete the .tax2019 file in the documents/turbotax directory. Then when you start the program again it's "as if" you're firing it up for the very first time. Then you can re-import everything again from the .tax2018 file.
If you are using the online version of Turbotax, then the ability to "clear and start over" is under the TOOLS tab in the frame on the right, near the bottom of that frame. Once you select that option, you'll be able to import your 2018 data again.
Once you've got everything back, the below should help you.
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 ahve a selection on it for "I sold or otherwise disposed of this property in 2019". Select it. After you select the "I sold or otherwise disposed of this property in 2019" 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 it it's zero. Then you MUST work through the "Sale of Assets/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. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1
Basically, when working through an asset you select the option for "I stopped using this asset in 2019" 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.
