You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
GreenSteele
Level 1
sam_va
New Member
ang222
New Member
victorbarrera197
New Member
ozrick
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.