Sold rental house

[Skippy221]

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?

[Anonymous_]

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_]

Reporting the sale:

https://ttlc.intuit.com/community/rental/help/i-sold-my-rental-property-how-do-i-report-that/00/2625...

[HelenC12 · Accepted solution]

@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]