Where to enter selling expenses when selling a rental property

Forum|Forum|1 year ago
January 6, 2025
1 reply
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Hi,

We sold our rental property in 2024. I don't see where to enter the selling expenses in TurboTax.
Please advise as to where to find the location in TurboTax to enter these expenses. Thank you.

TurboTax Premier Online

Best answer by DawnC

You can find selling expenses on the Sales of Business or Rental Property screen in TurboTax. Search for sale of rental property and use the Jump to sale of rental property link to be taken directly to that screen. Follow the steps in this Help Article to report the sale of rental property.

DawnCAnswer

Employee

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hhooper3

I have TT Home & Business 2024 and when I follow the steps in the rental section, checking that I sold the property in 2024, it does not take me to this sales screen you show in the asset / depreciation section. Earlier this year I received a note from Intuit that this functionality wasn't available and I would be contacted when it was enabled in the program updates.

Can someone help with where I can find this in the rental section of Home & Business or tell me when this functionality will be available?

AmyC

Employee

I just went through the whole process to make sure it works. Follow these steps:

Go into your assets/depreciation section.
Do you want to go to your summary? Yes
You will see all assets listed. The rental house and everything connected to it will need to be gone through and disposed of.
Select Edit next to the house
continue through until you reach, Tell Us More About This Rental Asset
Select the item was sold, enter the date sold
Answer the business percentage question, continue
confirm prior depreciation
Special Handling? if none, select No
Was it main home? select No
Enter the sales information for the house.

Go through this process with each asset and sell them for zero. For example, refrigerator you have been depreciating was sold with the house at no extra cost.

@hhooper3

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