Sale of Rental Property

[motmartin]

I need the procedure for declaring the sale of a rental property!

[motmartin]

Where in Turbo tax Premier do I find this entry?

[PattiF]

You need to dispose of the property by telling TurboTax how and when it was disposed of.  Follow the instructions below.

1. Click on Income & Expenses
2. Under Your income and expenses, scroll down to
3. Rental properties and royalties, click Edit/Add
4. Do you want to review your rental?, click Yes
5. Under Rent and Royalty Summary, click Edit
6. Click Update to the right of Assets/Depreciation.
7. Do you want to go directly to your asset summary?, click Yes and Continue
8. Click Edit to the right of each asset to be disposed
9. Go through several screens until you get to Tell Us More About This Rental Asset
10. Click on This item was sold…….   And continue to answer the questions

@motmartin

[jorge69ijk]

I also sold a rental property last year and am not seeing anywhere to put the sale price and other info. There's no way it can just be an additional asset.

Did you get this figured out?

[shaker0309]

Has anyone had a second mortgage created when you did not fill out all fields of the Qualified Business Income section for our rental.  Does any expert know WHICH field needs to be completed to avoid it? The tax expert has amended the return but none are sure WHICH field is needed.  Will file tomorrow but hoping the community can help.   

[Tf_db]

I just wanted to say that I am currently going through your exact situation. I’m talking, with the exception of the amounts, 100% step by step what you are going through. You click yes to the Special handling and never get prompted for any other information on the sale. 

[AmeliesUncle]

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@Tf_db wrote:

I just wanted to say that I am currently going through your exact situation. I’m talking, with the exception of the amounts, 100% step by step what you are going through. You click yes to the Special handling and never get prompted for any other information on the sale. 

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"Special Handling" generally means you need to manually find a spot elsewhere in the program to report the sale. 

I don't know what situation you are in, but it is often reported in the "Sale of Business Property" section.