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Selling expenses should be an adjustment to proceeds, but if the program does not ask for these adjustments, I suggest you increase you cost basis by the amount of selling expenses. This way your proceeds reported will still agree with what is reported to the IRS (the amount of the 1099-S). The net result will be the same.
Looks like Turbotax fixed the issue. Now it is asking for selling expenses.
Can you tell me how you get to the screen where you enter adjustments? I can't seem to find it anywhere?
it is 2022, FEB and Turbotax Premier is still not asking the purchase price of the rental property I sold, it is stopping me from using Turbotax. I followed the steps in finding the form by putting rentals on the search and then jump to the rental but there is no option to put the selling price and the adjustment amount.
Frustrating.
Follow these steps to enter the sale of your rental property:
Thanks for the reply but from Step 7, somehow it doesn't show on the software, it just go back to the menu option.
I tried it again and same thing the software doesn't have any option you mentioned after step 7.
Very frustrating!!!
You do not need to enter your selling expenses. All you have to do is add your selling expenses to your basis. Your basis that is reported should include what you paid for the property, plus any improvements to the property over the time period you owned the property, then add your selling expenses. This gives you your total cost basis.
If you rented the property during 2021 before you sold the property then you would report the income and expenses for the rental on Schedule E.
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