Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
C
cxc2485
August 10, 2023
Question

Split a rental property and sold off a portion

  • August 10, 2023
  • 1 reply
  • 0 views

I bought a rental property in 2021.  I split a lot off of it, and sold the lot.  How do I handle this in turbo tax?


1 reply

A
Anonymous_
Employee
August 11, 2023

You might need to enter this sale in Forms Mode (you would need a desktop version of TurboTax).

 

In the Rental Properties and Royalties section, you would reduce the basis in the land (previously entered, presumably) accordingly, prorated for lot you sold.

 

You would report the sale in Part I of Form 4797 (in Forms Mode, you would use the Sales of Business Property Smart Worksheet on Form 4797.

 

TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification