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opcamp
Returning Member

Sold my rental with gains

I sold my rental at a higher price I purchased 7 years ago.

Where in turbo tax I have to enter the selling price and the gain amount?.

 

Trying to see how much taxes I need to pay on the gains.

 

Gains were around 50.000$

Thanks

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5 Replies
ColeenD3
Expert Alumni

Sold my rental with gains

If you rented the property at all in 2020, enter all your information in the Rental section and mark that it was sold. You will be able to enter all the details of the sale after the rental income and expenses.

 

If you did not rent it in 2020, enter your information in Sales of Business Property.

 

 

opcamp
Returning Member

Sold my rental with gains

OK, I was able to find where I can enter the sold price, and it came back with taxes to paid for. also now I have From number 4797 where indicates amount sold.

But I do want to make sure all fields are entered, and it also indicates that the total gains is 86000.00 which is not correct, in real my gains were around 54000.00.

I need help with this so I can be sure I am doing the right thing.

Turbo Tax indicates live help in the advertisements, so how do I reach somebody live to ask question and make sure I am ok.

Appreciate the help.

 

Thanks

Oscar Campanini Sr

Sold my rental with gains

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opcamp
Returning Member

Sold my rental with gains

Hello:

 

I was able to talk live with somebody in Turbo Tax and even went throughout my taxes to show her the questions I had it, she said that I need a tax expert and transfer me to another line, which I was disconnected.

 

After that thru the interactive online of turbo tax, if I wanted to review my questions about the gains after my rental was sold, it directed me to a place that I need to pay 100.00$ to get the help I needed.

 

So, what they advertise to give "free" help, it is not free?.

 

Can you guys can still help me?

 

Thanks

Oscar Campanini Sr.

ColeenD3
Expert Alumni

Sold my rental with gains

If you had any rental income in 2020, enter your income, expenses and sales information in the Rental Section. See the screenshot below. You will be guided through the questions related to the sale.

 

If you did not, enter the information in Sale of Business Property. Make sure that you have at least a copy of your 2019 return so you can add in the prior year's depreciation in addition to 2020's.

 

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

6)Choose No to the question, "Do all of the following apply to the property you sold?".

7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".

8)Select the type of property from the drop down box.

9)Enter the information for your sale.

 

 

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