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posted Jan 22, 2020 2:16:46 PM

Sold rental property in multi person LLC (using turbotax business)

We sold our rental property as a multi member LLC partnership and am looking to report the proceeds on my tax return.  It is a multi-family home and didn't generate any other income in the tax year.  There is a real estate section under Federal, but I can't find an option that handles the sale of real estate.  Can anyone help?  Thank you. 

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Level 15
Jan 22, 2020 2:27:46 PM

@Devine12 wrote:

...I can't find an option that handles the sale of real estate. 

Ensure that you have indicated that the LLC had rental real estate activity under Business Info>>About Your Business (see first screenshot).

 

If you have not already entered the assets of which you disposed you will need to do that in the Rental Real Estate Income section (see second screenshot).