Sale of rental property

Forum|Forum|3 years ago
January 30, 2023
1 reply
0 views

I sold a rental property that I've owned for 13 years. I figured out how to enter the sale information under rentals/assets. However, my question is: Do I need to go in to each depreciated item that I've entered over the years for this property and choose SOLD? Also, if that is the case, what do I put in Sale price and Sale Expense field? They were all included with the sale of the home so are both fields zero?

GeorgeM777

Yes, you do need to report the sale of each depreciated separately. If you do it that way, you will have to prorate the sales proceeds to each asset. For example, you would have to allocate a portion of the sales proceeds to the house and another portion to the other assets, so that when you are done you will have reported all of the sale proceeds.

Also, there is an option in TurboTax to make one entry for the sale of the property. If you choose that option, you would have to calculate the total cost of the assets you depreciated and the accumulated depreciation allowed on them up to the time of sale. You will see that option when you are on the Let's gather your business info page where you will see Sale of Business Property.

@lmgallinaro

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