topic Capital Gains from sale of rental property in Get your taxes done using TurboTax

Capital Gains from sale of rental property

Leem052 — Wed, 31 Mar 2021 21:17:24 GMT

Tubotax Premier

I sold both my rentals in 2020 and check the box in the program for both properties, but the program does not walk me through the questions to figure out the capital gains from the property. Is there another section that walks me through

Re: Capital Gains from sale of rental property

ColeenD3 — Wed, 31 Mar 2021 21:25:02 GMT

Where did you make your entries? In the Rental section or in Sale of Business Property. Both sections will ask for the purchase price, sales price, depreciation and any other pertinent information. The program does the calculations for you.

Re: Capital Gains from sale of rental property

Leem052 — Wed, 31 Mar 2021 21:33:35 GMT

I'll go back to the rental section, it didn't originally ask. I did see the section "Sale of Property" and it does ask the questions. Make sense to do it in rental section. I'll check out rental section again.

Re: Capital Gains from sale of rental property

ColeenD3 — Wed, 31 Mar 2021 21:46:48 GMT

The sale is entered in the depreciation/asset section. You would have to indicate the sale in two places. See the screenshots.