Hi all. I sold a rental and entered all the information and clicked sold rental property. I didn't see a form 4797 and on my schedule 1, line 4 is empty. After much googling I'm still confused. Where do I put the sales price of the rental? Because right now all it shows is the loss (it was vacant all of 2020) please help. It's in pending so I have to amend
Here are instructions from Coleen D3 to enter the rental sales so Form 4797 will be generated:
1) Wages and Income
2) Other Business Situations
3) Sale of Business Property
4) Other Property Sales
5) Select Sales of Business or Rental Property that you haven't already reported
6)Choose No to the question, "Do all of the following apply to the property you sold?".
7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".
8)Select the type of property from the drop-down box.
9)Enter the information for your sale.