The comparison of the TurboTax editions here shows Commonly Filed Tax Forms and Schedules down the left side. Schedule E or Form 4797 require the Premium version. In TurboTax Premium Online, follow these directions for the sale/disposal of a rental property. Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages & Income. Click to the right of Rentals, Royalties and Farm. Click to the right of Rental Properties and Royalties. At the screen Your rentals and royalties summary, click the pencil to the right of the property sold. At the screen Here's XXX rental property info, scroll down to Assets, click the pencil to the right. At the screen XXX depreciable assets, click Edit to the right of the rental property. At the screen Tell Us More About This Rental Asset, select The items was sold, retired, stolen, destroyed, disposed of, converted to personal use.... Enter the date sold. Continue. Continue through the screens about the disposal of the asset.You may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on. The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.

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bigezrn

Level 1

Question

I clicked the box for sale of a rental property but don't see where to report cost basis, etc to get the proper recapture income. I'm using the Deluxe version

Forum|Forum|3 months ago
April 12, 2026
1 reply
35 views

No text available

TurboTax Online

JamesG1

Level 15

The comparison of the TurboTax editions here shows Commonly Filed Tax Forms and Schedules down the left side. Schedule E or Form 4797 require the Premium version.

In TurboTax Premium Online, follow these directions for the sale/disposal of a rental property.

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Click to the right of Rentals, Royalties and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your rentals and royalties summary, click the pencil to the right of the property sold.
At the screen Here's XXX rental property info, scroll down to Assets, click the pencil to the right.
At the screen XXX depreciable assets, click Edit to the right of the rental property.
At the screen Tell Us More About This Rental Asset, select The items was sold, retired, stolen, destroyed, disposed of, converted to personal use....
Enter the date sold. Continue.
Continue through the screens about the disposal of the asset.

You may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on. The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.

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