Are you reporting the rental property asset under Your property assets in Rentals, Royalties and Farm?
If so, in TurboTax Online, follow these directions for the sale/disposal of a rental property.
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Scroll down to Rentals, Royalties and Farm, click Show more to the right.
- Click Start / Edit / Revisit to the right of Rental Properties and Royalties.
- At the screen Your rentals and royalties summary, click Edit to the right of the property sold.
- At the screen Here's rental property info, scroll down to Assets, click on Edit / Start to the right.
- At the screen Your property assets, click on Edit for the rental property.
- At the screen Tell Us More About This Rental Asset, click on This item was sold, retired, stolen, destroyed, disposed of....
- Enter the date sold / retired from use. Continue.
- At the screen Special Handling Required?, click No.
- At the screen Home Sale, click No.
- At the screen Sales Information, enter numbers for expenses of sale. Click on Continue
- At the screen Personal Residence, click No.
- At the screen Installment Sales, click No.
At the screen Results, you may find that there will be two sale entries, one for the rental structure and one for the land the structure sits on.
@Underdogtoo
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