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

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
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?

1 Best answer

Accepted Solutions
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.

View solution in original post

1 Reply
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.

View solution in original post

Dynamic Ads
v
Privacy Settings