Partial sale of rental property

Forum|Forum|1 year ago
September 25, 2024
1 reply
0 views

How do I report a 50% sale of a rental property I own that I sold as an installment sale? I use Turbo Tax Premier and I can't seem to find where to report that only 50% was sold. I'm not sure that the proper information is transferring over to Form 6252...do I report only 50% of the basis and accumulated depreciation there, or do I report 100% and the 50% will be automatically calculated?

Anonymous_

Employee

I think you're going to have to make the computations and enter this transaction into TurboTax manually since it is an installment sale.

@Mike9241?

Mike9241

I see no way Turbotax can do this automatically. In addition, did you sell a 50% undivided interest in the property so there is now joint ownership? This can further complicate matters because there may now be a partnership which normally requires filing 1065 to split income and expenses. I suggest you consult a tax pro if this is your situation.