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!
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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