Sold a rental dwelling in 2017 which I never occupied & did not receive rents in 2017- cannot find where to enter 1099s info, etc put this in business or rental section?

[Brian-C]

confusing as to where to enter the sale- in the rental section or in the business sold? cannot find how to enter 1099S info and other expenses

[MichaelL1 · Accepted solution]

Go to the Rental section of TurboTax.

There are questions that are asked and you need to mark that you sold the rental property and after you go through the rental income and expenses, you should get a screen that asks about the sale.

If not, go to the Asset summary in the Rental.

Now when a rental is sold, you need to allocate the sales price to all the assets that were sold.

Most common are the Building, Land and improvements and equipment that may have been capitalized recently such as a new roof or HVAC system.

The reason it is reported here is that the cost of the property will be shown and the amount of depreciation taken will also be shown.

Don't worry about the 1099S, the main thing is that the total sale is reported. 

[Brian-C]

I still cannot find where to enter what I sold the dwelling for. I need to put that in so it can calculate the capital gains tax that I will owe on the sale. The sale price is listed on the 1099S but where do I put it in Turbo Tax?- thanks

[MichaelL1]

On the Rental go to through the questions again, as there is a question on selling the rental early on in the process.  If you miss that then at the end you will see a Rental Summary, showing Income, Expenses, Assets --Go to the Asset section and through each Asset and you will mark it as sold and list the Sales Price.  The 1099S itself does not get entered, however, the total sales listed need to total at least what is on the 1099S.