Question

Cost of Property plus Expenses of Sale

Forum|Forum|6 years ago
February 23, 2020
1 reply
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I sold my rental property in September of 2019. I am entering the information in TT and do not understand what to put in the box "Cost of property plus expenses of sale". Does this mean the original price i paid plus the costs associated with selling the property? Or, does it mean the original price plus original costs associated with purchasing the property. There is no explanation. Thanks,

TurboTax Home & Biz Windows

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DavidD66

Do you have your rental property set up in TurboTax as a rental property, and calculating depreciation expense each year along with other income and expenses?

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watchman01Author

No. I had to switch computers this year so I "transferred" a PDF of last's year's TT. I will need to enter the total depreciation manually. Usually, TT breaks down all the math. This particular line does not make sense to me. I think it literally is asking me to enter the purchase price plus sales related costs.

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DavidD66

I'm not sure where and why you're getting the question you are referring to. You should be disposing of an existing asset, and reporting proceeds and sales expenses.

If you have a depreciation report from last year, you should use that to recreate your "asset" in TurboTax. If you haven't already, set up the property as if it is a new rental property, but use the original date it was placed in service. TurboTax will calculate the accumulated depreciation based upon your entries - which need to match the original entries.

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