How do I enter the sale of a rental property?

Below is the full transcript for the above video.

Report the sale of your rental property by visiting the Schedule E section.

If you previously reported your rental with TurboTax, edit the existing property you sold. Otherwise, first enter general rental details.

Next, you’ll indicate that the rental was sold, by editing the rental property info section. Under General Info, edit Situations, then choose Sold or disposed of property.

Keep going until you return to the rental property info page. Now, go to Assets and edit the Sold rental property. You’ll edit each rental asset separately. Start with the rental property first. 

Enter or confirm the purchase information for your rental. Verify that the dates, cost, and land values are accurate. 

Next, select the checkbox to indicate that the item was sold, and enter the date of sale.

Confirm the prior-year depreciation amounts by looking at last year’s tax return, Schedule E, or Form 4562.

Review the Special Handling list, and if none apply, select No. If this rental property wasn’t your main home in the last five years, select No.

Now enter your sale information, including the sales price and selling expenses. Enter separately for a building and land.

Answer a few more questions about the sale to get back to the rental’s depreciable assets list.

Now, repeat the steps for each rental asset. Once you’ve entered all your rental assets, select I’m done here.

You’ll have one last question to answer about any Section 179 carryovers from prior years, and then you're done. You’ve now successfully reported the sale of your rental property.