Sold rental house

Forum|Forum|4 years ago
February 16, 2022
3 replies
1 view

I sold rental house. Do I need to report 1099-s and and fill in the cost of the home and expenses in business section? Also do I need to allocate? How to allocate? Is there any step by step instructions?

Best answer by HelenC12

@Skippy221 Please clarify. What are you asking when you say "allocate"?

You generally report the sale of a rental in the Rental section of TurboTax.

You won't be entering the form per se. You'll only enter information from the form.

Where you enter your Form 1099-S information depends on why you received it. Since you sold a rental, see the steps in the TurboTax FAQ: I sold my rental property. How do I report that? For additional information, click here and scroll down to HelenC12.

Some items to remember as you enter your rental sale:

You have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax.
Closing costs are considered expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale. Examples are commissions, transfer tax, recording fees, etc.

[Edited 02/16/22|10:10 am PST]

Anonymous_

Level 15

You might want to start by reading the information at the link below.

https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71

Anonymous_

Level 15

Reporting the sale:

https://ttlc.intuit.com/community/rental/help/i-sold-my-rental-property-how-do-i-report-that/00/26251

HelenC12Answer

Level 15

@Skippy221 Please clarify. What are you asking when you say "allocate"?

You generally report the sale of a rental in the Rental section of TurboTax.

You won't be entering the form per se. You'll only enter information from the form.

Some items to remember as you enter your rental sale:

You have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax.
Closing costs are considered expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale. Examples are commissions, transfer tax, recording fees, etc.

[Edited 02/16/22|10:10 am PST]

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