Why does my Rental Property Sale appear under Sale of Business Property? The sale was entered under "Sale of Property/Depreciation" in Rental Properties & Royalties.

ryaboye · ‎June 6, 2019

TurboTax carried this property since it was converted from residential to rental in 2008. I doubt that I used FMV at the time of conversion, thus causing the Business Property classification. Is there a way to tell? Thank you.

IreneS · ‎June 6, 2019

Your rental is correctly considered a "business asset" that is related to a specific activity (Schedule E rental). The information on the sale will appear on Form 4797 - Sales of Business Property.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

IreneS · ‎June 6, 2019

Your rental is correctly considered a "business asset" that is related to a specific activity (Schedule E rental). The information on the sale will appear on Form 4797 - Sales of Business Property.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

ryaboye · ‎June 6, 2019

Thank you. Makes sense.

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Why does my Rental Property Sale appear under Sale of Business Property? The sale was entered under "Sale of Property/Depreciation" in Rental Properties & Royalties.