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sbbaldwin
New Member

We are considering selling a home we have had rented out for the past 9 years and would like to know what our tax consequences could be? The home is in Minnesota.

 
2 Replies
Critter
Level 15

We are considering selling a home we have had rented out for the past 9 years and would like to know what our tax consequences could be? The home is in Minnesota.

I highly recommend you use the Downloaded version for 2019 so you can "what if  or test " scenarios to your heart's content ... this is not possible with the online version ...

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

                  

Related Information:

 

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

  • >>>In the TurboTax CD/Download software by creating a test copy
  •  Open your return in TurboTax. 
  •  From the File menu, choose Save As. 
  •  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
  • Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
  • https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

 

  • >> use the WHAT IF tool: 
  • - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
  • - Click on the Open Form Icon 
  • - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
  • - You will see the worksheet on the right side of the screen; enter the information right into the form 
  • - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

  1. From the Filemenu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip:If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File namefield, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Saveand then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

 

 

Critter
Level 15

We are considering selling a home we have had rented out for the past 9 years and would like to know what our tax consequences could be? The home is in Minnesota.

Hopefully you have been depreciating the property as required AND filing the state return ... if not post back for more instructions.
How to report rental sale :
https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that?jump_to=ans...

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