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posted Feb 9, 2024 9:05:58 AM

trying to enter the sale of my rental home. I follow the path to property assets and it says to enter the sales information in this section but does not have anywhere to enter the information. It just gives the deprecitaion amoun t

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1 Replies
Expert Alumni
Feb 9, 2024 9:46:47 AM

First Enter the 2023 Tax Year Expenses/Income for the Rental property.

After the expenses and depreciation for 2023 is calculated, scroll down to 

"Sale of Property/Depreciation"
Select "No" if you need to enter 2023 information and finish that interview, 

NOTE - BE SURE YOU SELECT RENTAL REAL ESTATE PROPERTY on the first screen

NOTE - BE SURE YOU SELECT RESIDENTIAL RENTAL REAL ESTATE  on the second  screen to enter the basis/cost of both building and land separately

NOTE - BE SURE YOU SELECT ALL THAT APPLY (not just one ) on the next screen including "The item was sold..."

Enter the details of the sale making sure ALL assets are accounted for including the land.

 

HERE is a link with more information