Where does TT Premier capture all the information from the sale of a rental?

[tagteam]

Screenshots would most likely help, but you are in the correct section (Rentals) at least. 

Ensure, first, that you have indicated you sold the property in the Property Profile section.

Then start (or update) the Sale of Property/Depreciation section.

[Fey42]

Ok, here we go....

Box is checkedRenter passed awayOnly usMore Only usLots of work done to fix and upgrade to selI think I know what I am doingNothing SpecialReady to go to Sale of Property/Depreciation

Let's ignore Expenses for the moment. I'm ready to continue, but first a question.

All the work I did on the house was to clean up, modernize and repair damage done to the property. I can not understand why it needs to be listed as an asset since It was never depreciated. The only two items I have for depreciation are the loan origination fee and the house, not the land.

Ok so far?

[Carl]

The only two items I have for depreciation are the loan origination fee and the house, not the land.

Loan origination fees are not depreciated. They are "amortized" (not capitalized) and deducted (not depreciated) over the life of the loan. In the tax year you sell the property, whatever remains of your loan origination fees to be deducted, are fully deductible then.

Simply edit the property asset and select YES on the screen for "I stopped using this asset in 2020" and just work it through. Since you sold the property, on the "Special Handling Required?" screen, you must select NO.

[Fey42]

I'm confused on the terminology most likely. The loan origination fee is spread out over the length of the length of the loan, I thought. Did I set it up wrong in the beginning?

Moving on from the last screen.

This requires a YES, since it was a rental property, right?

Edited reply from Fred......................................... 17:55

I just understood this should be a NO from your previous comment.

"Simply edit the property asset and select YES on the screen for "I stopped using this asset in 2020" and just work it through. Since you sold the property, on the "Special Handling Required?" screen, you must select NO."

Going down that path now.

Edited reply from Fred......................................... 18:12

Now I am really confused.

What is the Sales Price of this asset? Do I make it 0 since it gets captured later?

What is the Sales Expense? Is it expecting a tangible asset in this screen? So again it is 0?

Done for tonight.

Thanks, Fred

[Fey42]

I talked with Live Support today and between you and them I think I have it straightened out in my head. I need to go back and move some numbers around, since like you said I must put the floor, counter tops, A/C and landscaping in as an asset that was "purchased" and sold in 2020.

I keep trying to think logically while dealing with the government. BIG mistake, I know.

Thanks for all the help, hopefully it will go smoothly now.