Where in TurboTax do I enter the sale of a vacation rental condo in Hawaii?

[Cheryl in Montana]

I owned the property for 10 years. I vacationed there every year for less than 10% of the time it was occupied by short term rentals.  I live in another state. I operated it as a rental business with income reported on Schedule E, appropriately adjusted for the number of days it was owner occupied. Each year I got a partial credit for depreciation. Now that it has been sold is there a special IRS Form for this situation, or do I report my capital gain in Schedule D, or do I report it under the Sale of a Home section in Turbotax? 

[Andrew_Mulherin]

Where do we enter the sale of our vacation home in New Jersey?  We live in Pennsylvania. Is a 1099 form required?

[AmyC]

No, if you did not get a 1099-S, that is fine. You just want to enter the sales price and adjust the basis for expenses.

 Your second home  goes on Sch D.

1. Go to income section 
2. click on Add More Income
3. scroll down to Investment Income
4. Show more
5. Stocks, Mutual Funds, Bonds, Other
6. Start:  Continue answering the questions.
   1. Yes,
   2. 1099-B - no,
   3. one sale at a time and the boxes appear for your entries.

@Andrew_Mulherin

[Carl]

Assuming the property was still classified as a rental in 2020:

Reporting the Sale of Rental Property

If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.

Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will have a selection on it for "I sold or otherwise disposed of this property in  2020". Select it. After you select the "I sold or otherwise disposed of this property in 2020" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even if it's zero. Then you MUST work through the "Sale of Property/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).

Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets.  You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset.  Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1 on some assets. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1 on some assets.

Basically, when working through an asset you select the option for "I stopped using this asset in 2020" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.

When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.