sale of rentak=l house in 2023

Forum|Forum|2 years ago
March 23, 2024
1 reply
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I sold my rental house in January 2023. I have been using Turbo Tax online since 2014. When completing the sales information it requests that I enter the assets sale price (business portion only) and also asset sales expense (business portion only). Then the program requests the same for the land (business portion only) and land sales expense (business portion only). My question is do I allocate the sale price of the rental home between the house and the land? The land was not business use? I allocated the cost between the two when I calculated my basis but I am not sure if this is how to report it on Turbo tax.

PatriciaV

Employee

Yes, if you sold both the house and the land, you would allocate the sales proceeds and the sale expenses to both. Use your basis to calculate the allocation percentages.

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