We have a rental home we sold in 2019. We purchased the home in 2007 and it was our primary home until we moved and turned it into a rental in 2010. I entered into turbo tax that I sold the rental home but I cannot find where to enter the sales price and profit made. Below is what I have entered:
- Review Your Rental Summary
- Sale of Property/Depreciation
Date (Made a rental): 09/01/2010
Asset Type: I- Residential rental real estate
Cost: 129,748
Land 22,748
Prior deprec. 21,740
Business %: 100
Select Yes if item was Sold: Yes
Date of Sale or Disposition: 10/31/2019
Date Acquired: 10/19/2007
Special Handling Required? I answered Yes because this was a rental home and one of the options is “This asset was a rental, a home office, or a home office improvement within a home”.
Then it just gives me the depreciation value and states “we’ll transfer this amount to the correct form for you.”
It never asks me for the sale price of he house or realtor fees or loan amount or amount of profit. Am I supposed to add this somewhere else or does it not matter for tax purposes that there was a small profit made on the sale of the house (even though we lost money every rental year and it was an overall loss).
Any help would be greatly appreciated. Thank you in advance!
