I sold a rental property at a loss. Turbotax Premier will *not* accept the entry under "Sale of Business Property". It is totally unclear where to enter it. Help!
I sold a rental property at a loss. Turbotax Premier will *not* accept the entry under "Sale of Business Property". It is totally unclear where to enter it. Help!
Enter all the 2024 income and expenses for that rental first Go to the "Property Profile" section, and select "I sold this rental in 2024" on the “Do Any Of These Situations Apply To This Property?" screen. Continue through that interview but do not leave the Rental Section
Scroll down to Sale of Property/ Depreciation (if you don't see Sale of Property/ Depreciation you didn't select "I sold this rental in 2024") Yes, I want to go to my asset summary Select EDIT for the property Continue through this interview and be sure on the "Tell Us More About This Rental Asset" screen to select ALL- I purchased this asset (if appropriate) The item was sold Yes or No to 100% use Continue through the interview and report the sale Allocate the sale proceeds to the property and the land, as well as any additional assets listed for that rental
Sale proceeds over cost will be capital gain (capital gain tax rate) DEPRECIATION RECAPTURE will be Ordinary Income (your tax rate)
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