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Why does Turbo Tax provide two ways to claim the sale of rental property?

I sold my rental house last year. In Turbo tax premier, I found there are two places allowing me to enter the information on rental sold.

1. Sales of business or rental property section: I can enter the sales price, cost of property and accumulated depreciation.

2. In the 'Sale of Property/Depreciation' section of a rental, I can enter the sold date and sold price, etc. for each depreciated asset including building itself.

I just wanted to know which one I should use?

BTW, in the 'Sales of business or rental property section', can 'cost of property' include the original cost of appliances and repair cost that has spent to meet buyer's requirements?






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1 Best answer

Accepted Solutions
Anita01
New Member

Why does Turbo Tax provide two ways to claim the sale of rental property?

The appliances would already have been included in the cost of your home if they were in the house when you bought it.  If you bought new ones, you should have added them as assets when you purchased them.  If you bought them fairly recently, you could include their purchase and repair costs as part of your selling expenses.

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2 Replies
Anita01
New Member

Why does Turbo Tax provide two ways to claim the sale of rental property?

The appliances would already have been included in the cost of your home if they were in the house when you bought it.  If you bought new ones, you should have added them as assets when you purchased them.  If you bought them fairly recently, you could include their purchase and repair costs as part of your selling expenses.

slavyan71
New Member

Why does Turbo Tax provide two ways to claim the sale of rental property?

Original question was what method to use
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