Both the jointly owned rental and the family homestead were sold in 2017. The rental already has an entry. How do I rpt the sale of the homestead (was occ by stepmom)?

[jimandbill]

Wrong Answer.  NOTE: both the rental property and the homestead (not a primary residence, was occupied by step-mom as part of a life-estate interest and sold as investment property by the beneficiaries of the trust) were sold as investment properties in 2017.  there is no exclusion associated with these investment properties.  I need to know where in turbo tax does the sale of the investment property (used to be the family homestead) gets entered.

[MarilynG]

See Edited answer for Sale of Investment Property, which was not mentioned in original question.

[jimandbill]

OK - thank you for the direction on the Homestead sale that was not occupied by any of the owners.  About the inherited rental property that has been on my sched E for the past 10+yrs, it was also sold.  Do I need to also enter a similar sale of asset or do the details within the sold rental property section of Turbo Tax account for the capital gains of that rental?

[MarilynG]

You are correct that the details entered for the sale of the rental property account for any capital gains.  See edited answer for info on entering sale of rental property.

[jimandbill]

perfect!

[MarilynG · Accepted solution]

If the homestead was investment property, here's info on how to enter that:

https://ttlc.intuit.com/replies/4241480

Instructions for sale of rental property:

https://ttlc.intuit.com/replies/6686119

Edited 3/12/18 6:13 pm