2nd home sales

Forum|Forum|6 years ago
February 20, 2020
2 replies
19 views

I sold a condo in 2018. It was rented part time and used by me part time. I did not do any depreciation on the property. I can't find where to enter details of sale. I have a 1099S form for the sale. When I entered rental income I indicated that I sold property in 2018 and TT said it would deal with that later, but never came back to it.

HelenC12

Level 15

@HOWIEFOO

You have to set up your rental as an asset. Depreciation is factored into your rental gain whether you take it or not.

If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if otherwise nontaxable) as ordinary income. To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. Per IRS Publication 544, Chapter 3, Depreciation Recapture.

Please click here for instructions and screenshots on how to enter the sale of your rental. Scroll down to the answer by HelenC12.

[Edited 2-20-2020|11:15 am PST]

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HOWIEFOOAuthor

Level 2

Thanks for your quick response. I don't get the windows you show once I get to editing my property assets - step 11 in your screen shots. I am using PC based TT Premier. The asset overview window shows that I have sold the property and that I need to enter sales information, but I never get the window that says "did you stop using this asset in 2019" and subsequent windows to enter disposition information. I used property for part of 2019. I have tried entering Yes to question was property rented for all of 2019 and entering actual usage. Neither approach seemed to make a difference.