Where can I enter selling expenses on my second home? I have 1099S which shows proceeds but Turbo tax say they will ask for selling expenses later but it does not ask me.

[DavidD66]

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.

[amitlohia]

Looks like Turbotax fixed the issue. Now it is asking for selling expenses.

[SLBMN]

Can you tell me how you get to the screen where you enter adjustments?  I can't seem to find it anywhere?

[David237M]

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.

[FangxiaL]

Follow these steps to enter the sale of your rental property:

1. With your return open in TurboTax, in the search box, type rentals and hit the Enter key, then click on the Jump to rentals link at the top of the search result
2. Answer Yes to the question Did you have any rental or royalty income and expenses?
3. On the next screen that says What are you here to report? Select Rental property
4. Enter the basis information of your Rental property 
5. On the next screen that says Tell us about your situation this year, check the Sold box along with any other boxes that may apply.
6. Continue following the onscreen prompts to enter info about your rental property. Eventually you'll get to the Rental Summary screen. Here, you can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (income, expenses, etc.)
7. After entering rental income and expenses, on the Rental Property info, click on Start next to Sold rental property
8. On the next screen Describe This Asset, click on Rental Real Estate Property
9. Under Income & Expenses section, click on Edit next to Sale of Business Property 
10. On the next screen Sales of Business or Rental Property, Edit the existing copy or Add a new copy
11. Enter the sales price and expenses as well as other related information. 

@David237M

[David237M]

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!!!

[JillS56]

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.