Where do I report the sale of a rental property? I selected this option when going through my normal Sched E data, but it never asked me for a sales date or price.

You have to indicate that you sold the property in both the Property Profile section and the Assets/Depreciation section (or Sale of Property/Depreciation section).

I sold my rental property. How do I report that?

1. With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
2. Answer Yes to the question Did you have any income from rentals or royalties?
3. When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
4. When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
5. Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review your rental property info screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)

Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.

 

Selling rental properties can earn investors immense profits, but may result in significant capital gains tax burdens.

 

If you are concerned with large capital gains you might consider section 1031 of the tax code.

• What It Is: IRS Section 1031 “like-kind” exchange
• Who It’s For: Anyone able to reinvest the proceeds of rental property sales in new real estate
• What You Get: The ability to defer some or all taxes on the capital gain

"You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)"

 

I'm not the original poster, but I have the same question. I have gone to this Expenses/Assets (Depreciation) section to report the sale of my rental home, and it's not clear to me how to enter this information. A search for information online shows that the process is pretty complicated. Is TurboTax Premier sufficient to handle this? I'm not very tax savvy which is why I'm using the program. The questions are going a bit over my head for this section.

I am using TT Home and Business. I have entered my property profile and rental income and expenses.  I am at Sale of property/Depreciation but it is not clear how to enter the sale.  Please walk through this step.

See screenshot below.

 

You need to upgrade your TurboTax with rentals and business. In this version, under Business, in the very last line, there is a Sale of Business Property