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Returning Member
posted Jan 28, 2020 9:02:42 PM

Sales of rental - freaking out :)

Hello all,

 

Bought a house in 2001 lives there until 2007.

In 2007 we bought another house and kept renting the first one out.

Been using turbo tax to track this original property since we turned it into a rental.  At that time (2007) TT asked for all the pertinent info like cost of the house etc.

We sold the property in 2019.

I'm going through the screens in TT, imported previous year(as always have done)

First screen is business income

Go to rental properties>property profile

I mark 'sold or disposed of this property in 2019'

I have passive activity real estate losses carried over - so that box is checked

Click continue, carryover losses show and continue to click through the screens

Go through rental income

Expenses

Sale of property or disposition

go to assets

i have only a few assets such as appliances.  I edit those and choose i sold this asset, choosing the date of the sale of the home.

My house isnt listed in the asset sheet.  

Do I need to add the house here as an asset and go through the information?

 

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1 Replies
Expert Alumni
Jan 29, 2020 1:39:30 PM

You should add the house on to your asset list for 2019 and refer to your 2007 return to make sure you enter all things correctly.

 

You need to investigate and find out when the house disappeared, what year. This will tell us what to do next.

 

1. If the house was not listed just in the last 3 years, you can amend the returns and claim the depreciation for missing years in 2016-2018 by April 15.

 

 

2. If the house vanished longer ago, you will want to file Form 3115 to recapture the lost depreciation. This is done outside of the program, here are   Instructions for Form 3115