How to report sale of rental property in 2022 step by step instruction?

[cslaiz338]

I sold a rental property in June 2022 and received a 1099-S.  The house was rented out 3 months in 2022.  Where can I enter the 1099-S and all the expenses related to the sale of property in Turbo tax during the reporting process? Do I need to report the rental income on Schedule E?  Is there a step by step instructions show me what should I select and input on Turbo Tax?

Thank you for your response

[Katherine S 63]

This is a great questions!!!

When you sell a rental property, you would report that in your Schedule E section of your rental income and expenses.  You will go down to the asset that you have been depreciating (the house) and enter the sale information.

As far as step by step, your best bet would be to sign into your software and click on LIVE HELP.  An expert will have you share your Turbo Tax Live Screen and they will be able to show you exactly what you need to do and where to go in that section.

This link will get you started if you do not want to do that but just remember we are here for you if it becomes too frustrating or confusing.  We are super busy right now so contacting us in the am is usually your best bet since we are so close to the end of the filing season.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/sold-rental-property-repor...

Congrats on the sale of your property!!!

I sure hope this has been helpful.

If you reply back, I will try to keep an eye open to assist further.

Please give me a thumbs up if this was helpful.

Katie S.