Selling A Rental Property - Schedule E or C

Forum|Forum|3 years ago
March 22, 2023
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Hi I had a rental property that I'm filing federal taxes for. This year, I decided to sell that rental property a few months into the year. I'm using TurboTax 2022 and it prompted me to file the sale with Rental Properties and Royalties (Schedule E) with the rental information. Later, when I'm filing Business Income and Expenses (Schedule C), it prompts me for sale of business property.

I shouldn't fill out Schedule C correct? If I do, I'm essentially double reporting that one sale?

Best answer by Anonymous_

@Vand003 wrote:

.....I'm using TurboTax 2022 and it prompted me to file the sale with Rental Properties and Royalties...

Correct. Use the Rental Properties and Royalties section to report the transaction; do not use the Business Income and Expenses section (Schedule C).

Anonymous_Answer

Employee

@Vand003 wrote:

.....I'm using TurboTax 2022 and it prompted me to file the sale with Rental Properties and Royalties...

Correct. Use the Rental Properties and Royalties section to report the transaction; do not use the Business Income and Expenses section (Schedule C).