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palcanisg
New Member

sale of rental properties

I sold two rental properties in 2022 that I have owned for a long time.  Thus, I have significant depreciation recapture and capital gains issues.  I've read the excellent responses in Turbo Tax as to how this situation will be handled by the IRS.  My question is will Turbo Tax automatically take me through the necessary steps for me to handle the taxes in the most economical way for me or is this beyond what Turbo Tax offers and should I therefore request professional help?  Thanks.

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1 Reply

sale of rental properties

In the rental section you will indicate the property was sold then in the asset section of that rental you will sell off all the assets belonging to that property.  If you read the screens carefully the program will walk you thru the entire process easily.   If you believe you need more assistance then upgrade to one of the LIVE options. 

Unlock tailored help options in your account.

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