topic Rental property asset missing in Sell your rental property area in Get your taxes done using TurboTax

Rental property asset missing in Sell your rental property area

Ddnslc — Tue, 05 Jan 2021 06:24:04 GMT

Hi -I sold my rental property in 2020, and have been using Turbotax to keep track of my depreciation and carryover losses. however, when I go to enter the sale, the only asset it allows me to "sell" is the Refinance fees I paid back in 2014. The rental property itself is not in the list of assets. However, my passive loss carryovers are still showing under the "less common situations" area. I've used Turbotax to report sold rentals before but I've never ran into this problem.

Re: Rental property asset missing in Sell your rental property area

MarilynG1 — Tue, 12 Jan 2021 21:11:45 GMT

Is your Rental Property showing in the 'Property Profile'? If not, add it (screenshot). You will be able to indicate that you sold it in 2020, and also in the Assets section, where you enter Sales Info.

If your property is shown in Property Profile, you can add it back into Assets and enter the Sales Info.

Re: Rental property asset missing in Sell your rental property area

Ddnslc — Tue, 12 Jan 2021 21:56:02 GMT

No - it was not in that section despite being there for the last several years. I chatted with an Turbotax adviser and they told me that the particular form has not been released by the IRS yet for 2020 taxes.

Re: Rental property asset missing in Sell your rental property area

MarilynG1 — Tue, 12 Jan 2021 21:59:25 GMT

Keep in mind that when TurboTax asks 'did you rent the property all year' they mean all year up until you put it up for sale.

So if you had no Personal Use days in 2020, you can indicate that you 'rented all year'.

You can Edit this info in the Property Info section.

If you indicated that you did not rent all year (or did not rent at all in 2020), the property is removed from the Asset section.

Re: Rental property asset missing in Sell your rental property area

Ddnslc — Tue, 12 Jan 2021 22:29:25 GMT

So here's what happens. The asset has always been there as I've been depreciating it since 2010. I show several years of passive loss carryovers and QBI carryovers. I lived in it briefly in 2013-2014 but it was rented from 2014 to 2020 when I sold it. I know I can add it back as an asset, but it would be a ton of work to get to my correct basis. I tracked expenses but made few capital improvements over the years

Re: Rental property asset missing in Sell your rental property area

Ddnslc — Tue, 12 Jan 2021 22:39:36 GMT

Re: Rental property asset missing in Sell your rental property area

DianeW777 — Tue, 19 Jan 2021 01:04:47 GMT

The basis for depreciation would be the same as it was for 2019. By using the 2019 return to enter the information for the asset (including each capital improvement) the prior depreciation will automatically calculate.

Before taking the next step, keep checking back to the Forms Availability dates. Currently Schedule E is January 21st.

If there were several assets and you would like to to see if they will transfer or import into 2020 you can follow the steps below. Keep in mind you may have to clear and start over.

This links below may provide some helpful tips to correct the problem. Here are two articles for assistance.

If you prefer not to start over, then you would have to add the assets manually in the rental activity to accurately calculate the sale. With the 2019 return open or the depreciation worksheet printed you would have the information you need.