Rental property didn’t update from 2021 to 2022 and I need to enter final payoff payment.

Forum|Forum|3 years ago
March 28, 2023
1 reply
0 views

No text available

Cynthiad66

The final payoff payment is not a deduction as a rental expense.

You can deduct the ordinary and necessary expenses for managing, conserving and maintaining your rental property. Ordinary expenses are those that are common and generally accepted in the business. Necessary expenses are those that are deemed appropriate, such as interest, taxes, advertising, maintenance, utilities and insurance.

For additional information on rental income and deductions, please use the IRS link below.

Rental Income and Expenses

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

duggoneAuthor

My information was not complete my mistake…. The rental property was sold in 2020 and buyer paid off balance due in 2022. Problem my data is not showing up in TurboTax 2022 to enter final payoff payment to calculate depreciation amount. Please advise Thanks

PatriciaV

Employee

Please clarify why you are expecting to report depreciation on a property that sold in 2020. Perhaps you meant that you need the installment sale balance?

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