I bought a rental property in 2021. I split a lot off of it, and sold the lot. How do I handle this in turbo tax?
You might need to enter this sale in Forms Mode (you would need a desktop version of TurboTax).
In the Rental Properties and Royalties section, you would reduce the basis in the land (previously entered, presumably) accordingly, prorated for lot you sold.
You would report the sale in Part I of Form 4797 (in Forms Mode, you would use the Sales of Business Property Smart Worksheet on Form 4797.
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