Skip to main content
March 17, 2025
Question

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!

  • March 17, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    KrisD15
    March 17, 2025

    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)
     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"