Rental real estate sale and reporting on the 1040

[JimDimitri]

Last year and this sold a rental property. Drilling down off of the 1040 form can find where the amount on line 8 comes from. It goes to Schedule 1 line 10. Then the link from Schedule 1 line 5 goes to Schedule E for that rental property. No where on that sheet do I see an amount that transfers. I find the Capital gains amount but not the amount going to Schedule 1 line 5.

Please clarify

Jim

[DaveF1006 · Accepted solution]

It depends. The amount that is recorded on Schedule 1 line 5 is transferred from Line 26 of Schedule E if there is a profit or loss on your rental real estate. See if that transfer was properly recorded.

If you are preparing a 2021 return, updates may have not been made yet and this may be the reason why this transfer wasn't properly recorded in your forms.   

[JimDimitri]

Sorry I was following links backward and there is no link to go to Schedule E Pt. 2 line 41. Now the numbers make sense.

Thanks

Jim