How do I account for the real-estate cost on the sale of rental property?

flyboyterry — Tue, 04 Jun 2019 20:35:27 GMT

In TurboTax, selling expenses are not entered separately...

HelenaC — Tue, 04 Jun 2019 20:35:28 GMT

In TurboTax, selling expenses are not entered separately from the cost basis. They are added to the cost basis and entered as a lump sum.

Sales expenses include:

- commissions
- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points) or other fees paid on the buyer's behalf

Sales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- homeowners' association fees

See the screenshot below.

Related information:

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

topic How do I account for the real-estate cost on the sale of rental property? in Investors & landlords

How do I account for the real-estate cost on the sale of rental property?

In TurboTax, selling expenses are not entered separately...