Sold rental property but did not rent it out in 2016. Where do I show the sale?

hyoun6781 — Tue, 04 Jun 2019 01:37:20 GMT

While it was advertised for sale for the year, we did not rent it out so that we could easily show the property. In turbo tax, it states I should delete the rental if not rented in 2016.

Report the sale in the Sale of Business Property section....

PaulaM — Tue, 04 Jun 2019 01:37:22 GMT

Report the sale in the Sale of Business Property section. To navigate to the section:

In your open return, select My Account
Tools
Topic Search
Type 'sale of business property' in the box, then select GO

Enter basis, sales prices and other costs. You will need the prior accumulated depreciation taken for the rental property. TurboTax will not calculate this for you. Look to your 2015 depreciation report for the accumulated depreciation taken.

topic Sold rental property but did not rent it out in 2016. Where do I show the sale? in Investors & landlords

Sold rental property but did not rent it out in 2016. Where do I show the sale?

Report the sale in the Sale of Business Property section....