Hi, I sold a home that I had been renting for a little over 4 years. I paid approximately $11,000.00 in closing cost for the Buyer.

[chicago_6]

Hi, I sold a home that I had been renting for a little over 4 years.  I paid approximately $11,000.00 in closing cost for the Buyer.  Where do I enter this information on Turbo Tax Premier?

[CathiM · Accepted solution]

You can include the closing costs in the box where it says Asset Sales Expenses on the Sales Information screen where you enter the sales price of the rental property. 

Go through these steps to find it:

1. Click on Federal  > Wages & Income 
2. In the Rentals, Royalties, and Farm section click on the Start/Revisit box next to Rental Properties and Royalties (Sch E). 
3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
5. On the screen, Review Your [property] Rental Summary click the Start/Update box next to Property Profile
6. Continue through the screens, on the screen Do Any of These Situations Apply to This Property check the box next to I sold or disposed of this property in 2017
7. Continue through screens until back to Review Your [property] Rental Summary
8. This time click on the Start/Update box next to Sale of Property/Depreciation. 
9. If you have already entered assets, you will see the screen, Do you want to go directly to your asset summary? mark the Yes radio button and click Continue.
10. On Your Property Assets, click Edit next to the property.                                                                                       [If you haven't entered any assets yet, just follow the screens to add the house as an asset.  Once you are finished you will be brought back to the the Asset Summary to enter the improvements as assets.] 
11. When you come to the screen, Tell Us More About This Rental Asset,  mark the box that the item was sold and enter the date of the sale.
12. You will eventually come to a screen to enter the sales information, you will also enter Asset Sales Expenses here, those are your selling costs.
13. Continue through the interview, entering the requested information.