We should an investment property few weeks ago, what forms should I keep in mind when filling via turbo tax or do I need to hire a cpa? Thank you.
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Hi Kbretado,
First of all, to report the sale of an investment property, the form to use is form 4797.
https://www.irs.gov/forms-pubs/about-form-4797
TurboTax has made it easy for you to report, you can follow the steps in this article.
Hope these links will be of help to you and answer your question. Feel free to reply to this message if you have any other questions.
Hi @Kbretado ,
If you purchased or sold an investment property recently, is important to keep good record keeping to assist your with your tax filings.
Keep any document regarding the purchase of the property, improvements through the years, receipts for expenses incurred during the operation, documents (like bill of sale, 1099-S,Buyer and Sellers closing statement ) acquisition or sale of the property. All of those documents will help you determine your adjusted basis which is required to calculate any gain or loss .
For more information regarding taxes of investment property , please go to :
Turbotax offers Full Service Tax Preparation services . A dedicated tax experts that will prepare your taxes and answer any question specific to your tax situation.
Full Service Let a tax expert do taxes for you, start to finish
If you feel you tax situation is too complicated then you might benefit from reaching out to a local CPA for assistance.
Thank you for reaching out and good luck!
Good Afternoon! Great question! Very smart to be proactive!
It depends on the type of investment property you sold. Generally, you will need the cost basis of property when purchased (Settlement Statement), the sales proceeds when sold (Settlement Statement &/or 1099S), and any selling expenses (listed on Settlement Statements) or capital improvements (personal receipts). Also, if the property was subject to depreciation, you will need to recapture any allowed or allowable depreciation.
TurboTax software will ask you detailed questions to assist you in reporting correctly. TurboTax Live has CPA, EA, and JD available to answer any questions you may have along the way. Our Full Service team of credentialed Tax Experts can complete your taxes for you and guide you through any information needed or questions you may have.
Here's a great article: https://www.irs.gov/faqs/sale-or-trade-of-business-depreciation-rentals
Here's a great thread for step by step help: https://ttlc.intuit.com/community/taxes/discussion/how-to-report-rental-property-sale-by-turbotax-is...
Hi Kbretado,
Turbotax can handle the sale of your investment property with ease.
First you must have all records about your purchase and sale of the property, including closing costs for both transactions and any improvements to the property.
If the investment property was a rental property also you would follow these steps to report the sale of your rental property on your tax return:
Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.
Have a blessed day!
Eric
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