I have previously used a tax firm to do my taxes. They calculated the basis of the property at $96K and the land at $10K. Previous depreciation is 10,700 brining the revised basis down to $84K. I sold the property in July for $77K.
How do I calculate the loss?
Can I count closing costs in the amount?
And do I need to calculate depreciation on the portion of the year that the property was rented?
Does this loss offset my income; or only offset capital gains?
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You can report the sale of the rental property in the rental property section -- TurboTax will walk you through the steps.
Rental properties are reported on Schedule E - Supplemental Income. You will have to apportion the total sales price among the house and any assets that may have been entered separately (for example new roof, appliances, improvements).
To do this in TurboTax Premier (Windows), please follow these steps:
You can report the sale of the rental property in the rental property section -- TurboTax will walk you through the steps.
Rental properties are reported on Schedule E - Supplemental Income. You will have to apportion the total sales price among the house and any assets that may have been entered separately (for example new roof, appliances, improvements).
To do this in TurboTax Premier (Windows), please follow these steps:
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