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April 3, 2022
Question

second home sale

  • April 3, 2022
  • 1 reply
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I owned a home for 30+ years.  We lived in it for 26 years, rented it out for 4 years. Stopped renting for 4 months and sold it.  I am using the Home and Business Turbotax (which we have no business) and it keeps trying to take me to business to claim sale.  Or to investment home on personal taxes.  

1 reply

April 3, 2022

If this property was a rental in your tax return for four years, you would dispose of it in the rental section.

 

You need to dispose of the property by telling TurboTax how and when it was disposed of.  Follow the instructions below.

  1. Click on Income & Expenses
  2. Under Your income and expenses, scroll down to
  3. Rental properties and royalties, click Edit/Add
  4. Do you want to review your rental?, click Yes
  5. Under Rent and Royalty Summary, click Edit
  6. Click Update to the right of Assets/Depreciation.
  7. Do you want to go directly to your asset summary?, click Yes and Continue
  8. Click Edit to the right of each asset to be disposed
  9. Go through several screens until you get to Tell Us More About This Rental Asset
  10. Click on This item was sold…….   And continue to answer the questions

You might also review the information here.

 

 

 

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