With your return open in TurboTax, search for rentals and then click the "Jump to" link in the search result.
Answer Yes to the question Did you have any rental or royalty income and expenses?
When you get to Is this a rental property or royalty? select Rental property and fill out the description, address, and owner.
When you hit Do any of these situations apply? you'll definitely want to check the Sold box along with any other boxes that may apply.
Continue following the onscreen prompts to enter info about your rental property. Eventually you'll get to the Rental Summary screen. Here, you can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (income, expenses, etc.)
See I sold my rental property. How do I report that?
After you finish jumping through hoops, try this hoop. 🙂
Reporting the Sale of Rental Property
If you qualify for the "lived in 2 of last 5 years" capital gains exclusion, then when prompted you WILL indicate that this sale DOES INCLUDE the sale of your main home. For AD MIL personnel who don't qualify because of PCS orders, select this option anyway, because you "MIGHT" qualify for at last a partial exclusion.
Start working through Rental & Royalty Income (SCH E) "AS IF" you did not sell the property. One of the screens near the start will have a selection on it for "I sold or otherwise disposed of this property in 2019". Select it. After you select the "I sold or otherwise disposed of this property in 2019" you continue working it through "as if" you still own it. When you come to the summary screen you will enter all of your rental income and expenses, even it it's zero. Then you MUST work through the "Sale of Assets/Depreciation" section. You must work through each individual asset one at a time to report its disposition (in your case, all your rental assets were sold).
Understand that if more than the property itself is listed in your assets list, then you need to allocate your sales price across all of your assets. You will only allocate the structure sales price; you will NOT allocate the land sales price, since the land is not a depreciable asset. Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1. Likewise, if you sold at a loss then you must show a loss on all assets, even if that loss is $1
Basically, when working through an asset you select the option for "I stopped using this asset in 2019" and go from there. Note that you MUST do this for EACH AND EVERY asset listed.
When you finish working through everything listed in the assets section, if you ever at any time you owned this rental you claimed vehicle expenses, then you must also work through the vehicle section and show the disposition of the vehicle. Most likely, your vehicle disposition will be "removed for personal use", as I seriously doubt you sold your vehicle as a part of this rental sale.
OK, I got to the Disposition fields, and my 1099-S does not provide the information in the format they are asking Assett Sales Price Assett Sales Expenses Land Sale price Land sale expenses
There is no where to deduct the mortgage I paid off. I had to look at the tax records for the break down. And if I don't put anything in the expense field (would the mortgage be that) The taxes seem extremely high. Plus, this was owned 50/50 between myself and my uncle. -Do I cut everything in half for each tax return?
Solution, though steps may vary based on Tax year and therefore version of TurboTax: When you get to review your real property profile/income/expenses/depreciation, select to Update the "Sale of Property/Depreciation". You should see the list of "Your Property Assets", and there should be an item corresponding to your property and its depreciation with a name of the asset that you should've entered in the past, for example "Residential". If you don't see it then you might've not maintained this property properly in the previous tax years and may need external help. If you do see it, then click "Edit", then "Continue" and answer "Yes" to the question "Did You Stop Using This Asset 2016?". Then you will be asked several questions, including the date and price of the property you've sold.
You need to upgrade your TurboTax with rentals and business. In this version, under Business, in the very last line, there is a Sale of Business Property