Sale of Rental Property

Forum|Forum|1 year ago
January 15, 2025
2 replies
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I sold a rental property in 2024. I check the box under the rental property information that I sold the property that year. The sale information is supposed to come up in the "Sale of Property/Depreciation section but when I go through that section nothing comes up about the sale of the property. I would like to stress I DID check the box stating I sold the property during the year. Can anyone help as to why that information isn't being asked for the proper section?

pk12_2

Employee

@mac77bear are you using windows download of Home & Business ? I can help if you have such a product . Or I have to get somebody else familiar with the on-line version. Please answer so I can page another person.

mac77bearAuthor

I am using a Mac download.

pk12_2

Employee

@mac77bear , alright -- I will replicate the situation and see what gives ( because the Mac version should be pretty similar to the Windows version ). Will also page a MAC expert

Give me a few hours , please

AmeliesUncle

@mac77bear wrote:
I check the box under the rental property information that I sold the property that year.

When you go into each "asset" for depreciation, did you ALSO check the 'sold' box there (for EACH asset)? That is what should trigger the questions about the sale.

mac77bearAuthor

As I stated I checked the box in that section about sale of property.

Vanessa A

There is a second box you have to check to report the sale several steps into the Sale of Property/Depreciation Section

Follow these steps to report the sale

From the Sale of Property/Depreciation section
Answer YES to Do you have assets for this property that can be depreciated, Hit Continue
Answer Yes or No (whichever applies) to Did you buy any items for any business, rental property and or farm that costs $2,500 or less
Answer yes or not to Did you make Improvements to the house
Next select Rental Real Estate Property on Describe this Asset
Select Residential Real Estate on the Tell Us a Little More about your rental asset
Enter the Address and the Cost, Cost of Land and Date Purchased or Acquired select next
On the next screen select "The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in
Enter the Date Sold
Answer whether or not it was always 100% for business use
Enter the date you first started using it if not always for business
Continue through the questions to enter your sales information.

At that point, if you are still having issues with the Easy step entries you can select Forms and you will be taken directly to the form to fill out any information the Easy Step mode is not allowing you to enter.