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elawson0203
New Member

Where do I claim sale gains, interest paid, property tax paid, and prior years losses on land that was previously a residential rental?

2015: I rented, then demolished residential rental. 2016: land was sold. For 2016 turbo tax I'm reporting sale as "Sale of Business Property", claiming mortgage interest paid in "Investment Interest Expense", and claiming property tax paid on Schd A.  Are these correct places to report? Where do I report unallowed losses from prior years?

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RichardK
New Member

Where do I claim sale gains, interest paid, property tax paid, and prior years losses on land that was previously a residential rental?

Yes, how you are handling sales gains, interest paid, and property taxes is consistent with the instruction in IRS publication 551, click here for that webpage. Click here for instruction on entering prior year disallowed losses.

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RichardK
New Member

Where do I claim sale gains, interest paid, property tax paid, and prior years losses on land that was previously a residential rental?

Yes, how you are handling sales gains, interest paid, and property taxes is consistent with the instruction in IRS publication 551, click here for that webpage. Click here for instruction on entering prior year disallowed losses.

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