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April 15, 2022
Question

How and where do you report the sale of rental/investment property?

  • April 15, 2022
  • 2 replies
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2 replies

April 16, 2022

Are there any reductions or deductions available to reduce the capital gains tax on the sale of rental property?  I don't know like putting money into an IRA or other "retirement" account?  

 

I do not want to send the government a check for $30,000!

April 16, 2022

In TurboTax Online, to report the sale of the rental property, follow these steps:  

  • Down the left side of the screen, click on Federal.
  • At the top of the screen click on Wages & Income.
  • Under Your income, scroll down to Rentals, royalties, and Farm.  Click Show more to the right.
  • Click Edit / Add to the right of Rental Properties and Royalties.
  • At the screen, Your 2020 rentals and royalties summary, click on Edit to the right of the rental activity.
  • At the screen Here's rental property info, scroll down to Assets (Depreciation) and click Edit to the right of the rental property.
  • Click Yes, I want to go to my asset summary.
  • Click Edit next to the asset that was sold.
  • At the screen Tell us more about this rental asset, click The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away.
  • Enter the date sold.  Click Continue.
  • Follow the interview questions to report the sale.

@Coop5k9

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