I sold rental property. When entering sales details do I have to edit each asset listed one by one?

Lee55 — Tue, 24 Feb 2026 07:25:40 GMT

Re: I sold rental property. When entering sales details do I have to edit each asset listed one by one?

Anonymous_ — Mon, 11 Sep 2023 15:02:47 GMT

If you entered each asset in the program previously, then you need to mark each asset as disposed.

You need to assign a portion of the sales price to each asset.

Re: I sold rental property. When entering sales details do I have to edit each asset listed one by one?

Critter-3 — Mon, 11 Sep 2023 15:45:03 GMT

If you have been depreciating the assets correctly all these years then here is a basic blueprint to follow :

Cost basis = purchase price + cost to buy + improvements

Adjusted cost basis = cost basis - depreciation taken

Sales price - ( cost basis + cost to sell ) = profit or loss

Profit - depreciation taken = cap gain

Depreciation is taxed as ordinary income not to exceed 25%.

Cap gain taxed at no more than 20%.

Ok ... a simple example of ratios ... if you have more assets than the example then you will have more lines. Remember if you divide a big number into a littler number you get a % ... thus 5000/100,000 = 5%

original cost basis ratios Sales price cost of sale

home 80000 80% 160,000 8,000

land 15000 15% 30,000 1,500

roof 5000 5% 10,000 500

totals 100,000 100% 200,000 10,000

All you need to enter into the program is the % of sales price & % of cost of sale for each asset being sold and you will have to do the math yourself as the program will not do it for you if you have more than one asset (the land & building are considered 2 assets) .

And if you have NOT been taking depreciation as required then RUN to a local tax pro when you file this return to get this error fixed correctly so you do not pay more taxes than you are required to do ... the form 3115 you need is not supported in the TT program and it is NOT a DIY project.

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I sold rental property. When entering sales details do I have to edit each asset listed one by one?

Re: I sold rental property. When entering sales details do I have to edit each asset listed one by one?

Re: I sold rental property. When entering sales details do I have to edit each asset listed one by one?