Sale of Rental Property

[mac77bear]

I sold a rental property in 2024. I check the box under the rental property information that I sold the property that year. The sale information is supposed to come up in the "Sale of Property/Depreciation section but when I go through that section nothing comes up about the sale of the property. I would like to stress I DID check the box stating I sold the property during the year. Can anyone help as to why that information isn't being asked for the proper section?

[pk]

@mac77bear  are you using  windows  download of  Home & Business ?  I can help if you have  such a product .  Or I have to get somebody else familiar with  the on-line version.  Please answer so I can page  another  person.

[mac77bear]

I am using a Mac download.

[pk]

@mac77bear , alright -- I will replicate the  situation and  see what gives ( because the Mac version should be pretty similar to the Windows version ).  Will also page  a MAC expert 

Give  me a few hours , please 

[pk]

@mac77bear  a quick look at situation --- rental property  sale reporting ----

Select "Business " Tab

Select  "business  income and expenses" header  

Select " I will choose what I work on "

From the drop down list  at the very bottom select  " sale of Business Property "

This should open a table  for entry of details ( does not seem to allow back-up entry sheets here ) just summary amounts.

If it does not , then you will see   a table showing  " copy 1 ........... "   edit/delete buttons.  Select edit button, then the previous  detailed table for summary entries opens up.

I then  went top forms mode , opened  the form 4797 enterable worksheet.  This allows back-up sheets  behind the  summary  entries ref'd above.

Obviously, to  work this you will need access to your HUD form or details of the sale from closing.

Hope this helps.    Do you still want me to page our MAC  expert ?

pk

[AmeliesUncle]

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@mac77bear wrote:

 I check the box under the rental property information that I sold the property that year.

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When you go into each "asset" for depreciation, did you ALSO check the 'sold' box there (for EACH asset)?  That is what should trigger the questions about the sale.

[mac77bear]

I am on the Mac Desktop version of TurboTax Home and Business. When I click on "I will choose what to work on" it does not give a drop down, it just takes to a landing page where you can then select "Income from Rental or Royalty Property". Inside that section I have the rental property. That is where I have checked the box that I sold the property. It then tells you that the sale will be addressed in the "Sale of Property / Depreciation". When I go into that section it asks about items to depreciate etc but it never addresses the sale of the property. It's like the checked box in the Rental Property Section does not trigger the sale question in "Sale of Property / Depreciation".

[mac77bear]

As I stated I checked the box in that section about sale of property. 

[Vanessa A]

There is a second box you have to check to report the sale several steps into the Sale of Property/Depreciation Section

Follow these steps to report the sale

1. From the Sale of Property/Depreciation section 
2. Answer YES to Do you have assets for this property that can be depreciated, Hit Continue
3. Answer Yes or No (whichever applies) to Did you buy any items for any business, rental property and or farm that costs $2,500 or less
4. Answer yes or not to Did you make Improvements to the house
5. Next select Rental Real Estate Property on Describe this Asset
6. Select Residential Real Estate on the Tell Us a Little More about your rental asset
7. Enter the Address and the Cost, Cost of Land and Date Purchased or Acquired select next
8. On the next screen select "The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in
9. Enter the Date Sold
10. Answer whether or not it was always 100% for business use
11. Enter the date you first started using it if not always for business
12. Continue through the questions to enter your sales information.

At that point, if you are still having issues with the Easy step entries you can select Forms and you will be taken directly to the form to fill out any information the Easy Step mode is not allowing you to enter.