Question

2-year vacant long-term rental sold

Forum|Forum|4 years ago
March 21, 2022
1 reply
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2005 Rental, Vacated Sept 2019. Completely Rehabbed never Rented Sold Dec 2021.

Turbo Tax Dropped Listing Due to NO rental Income for over 2years. How should the Sale be Treated?

Employee

Since you did not rent it, you don't need to fill out Schedule E (where rental income is reported.)

However, you do have a sale of a capital asset. You likely either made a profit or a loss. Either way you need to report the sale. This is listed under investment income, since it is a capital gain (or loss) and you will find it in that portion of the interview, along with things like stock sales.