topic Calculate capital gains on rental property being sold in Investors & landlords

Calculate capital gains on rental property being sold

amy_gardner6 — Sat, 01 Jun 2019 00:41:42 GMT

I'd like to calculate my capital gains tax liability now, when I'm selling the rental property, so I can be sure to reserve that amount for when I file my taxes a year from now. All of my rental property info (depreciation, etc) is in Turbo Tax, is there a way to use TurboTax to calculate it ahead of time?

One thing is you are going to want to switch to desktop v...

maglib — Sat, 01 Jun 2019 00:41:44 GMT

One thing is you are going to want to switch to desktop version to record the sale so you have forms mode which show you not only your return but all the calculation worksheets. Much more user friendly than online versions of turbotax.
You can just look at what portion of the property remains undepreciated which was the basis in the land plus undepreciated improvement... your return should have forms entitled Asset Wks for every asset and an overall report titled Depr Report. Got to print and select the forms and it will be depr basis less prior depr less current depr as the current cost basis. You need to assume certain closing costs too...

Here is some helpful information:
https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/INF12039.html

Yes, contact support and ask for a download of the progra...

Critter — Sat, 01 Jun 2019 00:41:45 GMT

Yes, contact support and ask for a download of the program to you can so some what if situations due to the sale and then save a .taxfile of the 2015 return. This way you can open the 2015 return and do some what if's....

If you want to play around with different figures and tax scenarios without affecting your original return you can

In the TurboTax CD/Download software by creating a test copy:

1. Open your return in TurboTax.

2. From the File menu, choose Save As.

3. Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name).

4. Click Save. You are now safely working in the test copy and anything you do here will not affect the original.

https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

Or use the WHAT IF tool:

- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)

- Click on the Open Form Icon

- In the “Type a form name..” area type What-If (with the dash), click on the name of the worksheet - click on Open Form

- You will see the worksheet on the right side of the screen; enter the information right into the form

- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

You CANNOT massage the .tax file in any way when using the TT On-Line version. ANY changes (what-ifs) that you make will PERMANENTLY change you .tax file.

https://ttlc.intuit.com/replies/3388350

I sold my rental property. How do I report that?