Sale of rental property

Forum|Forum|6 years ago
January 22, 2020
20 replies
115 views

TT is asking if I sold my rental property this year and I click yes - but it doesn't ask me any questions about sale price, etc. When I enter the information in the sale of business section, it calculates a tax rate of 30% instead of 15%. Have all the forms been updated for rental property?

TurboTax Premier Windows

Anonymous_

Level 15

@irongirltx wrote:

TT is asking if I sold my rental property this year and I click yes - but it doesn't ask me any questions about sale price, etc.

You need to go through the Sale of Property/Depreciation section (see screenshot).

irongirltxAuthor

Level 2

I've completed that section - but it doesn't ask me for the sale price or information from the 1099-S. It's not calculating any gains in that section. Is the section complete yet or are there still more updates pending?

Anonymous_

Level 15

Are you certain you checked the box indicating that you sold or disposed of the property in 2019 in the Property Profile section??

You then also need to indicate that you sold (or disposed) of the "item" in the Sale of Property/Depreciation section and the date you sold or retired it from use.

Cbjiang

Level 2

You need to upgrade your TurboTax with rentals and business. In this version, under Business, in the very last line, there is a Sale of Business Property