Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
melina-crystalnu
Level 1

What line shows the sale of a property on a schedule e?

 
6 Replies
Mike9241
Level 15

What line shows the sale of a property on a schedule e?

the sale does not flow to schedule E. most likely it flows to form 4797 page 2 and from there to schedule D line 11  and/or schedule 1 line 4 . 

melina-crystalnu
Level 1

What line shows the sale of a property on a schedule e?

I don't see form 4797 but I do see schedule 1 and line 4 is blank... The most likely means I did not enter the sales price?

Critter-3
Level 15

What line shows the sale of a property on a schedule e?

The sale is reported in the ASSET section of the rental prop entries ... did you ever depreciate the property ?  If you did not then RUN to a local tax pro to get this error fixed since depreciation was REQUIRED and not an option.  

melina-crystalnu
Level 1

What line shows the sale of a property on a schedule e?

I've had it since 2004 so it was depreciated in prior years taxes.  I just don't know why I wasn't promoted to enter a sales price.  I will amend when filed.  Unless you have a different suggestion.  

Critter-3
Level 15

What line shows the sale of a property on a schedule e?

If you have already filed then once the original return has fully processed you can amend it.   In the rental section review the assets being depreciated ... that is where you indicate the rental was sold.  This would stop the depreciation being taken and prompt you for the sale price & costs of sale.   If you have more than one asset for this rental then you need to prorate the costs appropriately.  

 

rental asset sold.png

melina-crystalnu
Level 1

What line shows the sale of a property on a schedule e?

Thank you!  I clicked the box that said I purchased this asset new.  Thanks so much...I'm going to amend as soon as it's out of pending status 

Dynamic AdsDynamic Ads
Privacy Settings
v