sale of a rental property

Forum|Forum|2 years ago
January 30, 2024
1 reply
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Had trouble last year with this. I sold a rental that I've had for 5 years in 2023. When I go to TT and get to "Do any of these situations apply..." I clicked SOLD or disposed of this property. When I do it disappears from the screen and I can't find it to do anything. I deleted the return and reloaded it. Got to the same spot and clicked NONE OF THE ABOVE and moved on. Got to WAS THIS PROPERTY RENTED ALL OF 2023 ( It was sold the first of February so we did not rent it but fixed it up) so did NO, not rented all year. Dialog comes up days rented? or click box I DID NOT RENT OR ATTEMPT TO RENT, THIS PROPERTY AT ALL IN 2023. When I clicked that a 2nd return it disappeared like clicking the SOLD BUTTON? I got through it last year eventually with all your help but I can't remember. I don't want to keep deleting returns and re-entering all the data, yikes. ANY HELP WOULD BE APPRECIATED.

Mike

TurboTax Home & Biz Windows

Critter-3

To keep the rental in the Sch E section simply enter 1 day of rental use then follow the screens later in the interview when you sell off all the assets.

OR let the Sch E disappear and report the sale in the SALE OF BUSINESS ASSETS section later in the interview tree.