I Sold My Rental Property

Forum|Forum|1 year ago
February 20, 2025
1 reply
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We sold our Rental Property 1/9/2024. Turbo tax asked me when I acquired it and for how much. Next it calculated a total depreciation claimed in previous years. I don’t know how to calculate that but now federal tax due shows a heaping $18,000-ish. I left TT calculation and selected continue. Next for ‘Special Handling Required’ page I selected No.

The Next page is Sales Info. I entered the sales price, next it ask for Sales Expenses which includes:

Sales Commission (does that include Listing and Selling commission?), Advertising Expenses,

Legal Fees,

Loan Placement fees or Points,

Broker fees,

Transfer taxes and

Option Premiums (what is this?).

I have the Settlement Statement with these amounts, but I didn’t know these are write-offs on our Taxes? Is this correct?

AnnetteB6

Yes, if you are being asked to enter these items, then they can affect the overall gain/loss when selling the property. Include items listed on your closing statement that were paid out of your proceeds from the sale.

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