Sold my rental property

Forum|Forum|5 years ago
February 10, 2021
3 replies
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Grrrr. No clear pathway to entering the sale of our rental property. The info provided on the Turbo web site doesn't work. Other issues, too. After 20 years of using turbo tax and paying $110 for the business edition this year I am having to hire an accountant a pay a couple of hundred dollars. Turbotax was great when there were not real changes not so much with you have some real changes. Disappointed.

Best answer by Anonymous_

Try starting with the Business tab and click Business Income and Expenses.

Click the Update button in the Rental Properties and Royalties section. Review your property and make sure to indicate that you sold the property in the Property Profile section.

In the Sale of Property/Depreciation section, go through the screens carefully and make sure you checked the box indicating you sold the property. The program will then prompt you for the date you sold the property.

Anonymous_

Employee

You indicate you sold the property in the Property Profile section and then also in the Assets/Depreciation section of the program.

Are you stuck somewhere? Did the program not ask for the details of the transaction?

Which version of TurboTax are you using?

PegKAuthor

Thanks for a quick response. I am using Home & Business 2020. First, when I go to Income Summary, I cannot even find rental listed. I have to go to the "topic list" to even find the rentals. Then it takes me to the rental and royalty summary where the property is listed and asks me if I want to add another (answer is no).

So I opt for "edit" by the property. There is a place that says "sale of property;depreciation" and I opt to update that. There it asks if I want to go to my asset summary. If I say yes, it lists my property assets. I can add another asset (which I don't want to do) or go back. If I then opt "no I want to review my answers" it asks if I bought items for my business that cost less than $2500 (no) did I make improvements (no) then goes back to the property assets summary.

My only other choice is "done".

Nowhere does it give me a choice about selling even though this topic is supposed to do that.

Anonymous_Answer

Employee

Try starting with the Business tab and click Business Income and Expenses.

Click the Update button in the Rental Properties and Royalties section. Review your property and make sure to indicate that you sold the property in the Property Profile section.

scirving

Same here. No clear path to enter the sale of the property. Number #1: I sold my property Feb 2020, therefore I did NOT rent it out at all. So, the software deletes the rental property. When the property is deleted, how are you suppose to go in and edit it ? If I can't edit the rental, how am I suppose to get to the fact that I sold it.

grrrrrrr.

ColeenD3

@scirving

If you have no rental income, the Schedule E does delete. You would then need to enter the sale in Sale of Business Property. You will need your prior year depreciation worksheet and Form 8582 if applicable.

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

6)Choose No to the question, "Do all of the following apply to the property you sold?".

7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".

8)Select the type of property from the drop down box.

9)Enter the information for your sale.

EMAZFQV

I have tried now, 5 times, to get the software to ask about the sale of my rental property. Given the number of people that are bringing this up, is there a glitch? The box is checked that I sold the property. But I don't' see it anywhere including in the sale of property/depreciation section. I have updated the software, but still no pathway. Can you help, please?

Kenn

I am not a high level user so take this with a grain of salt. When you select the property in the rental section the top box is Property Profile. One of those screens will have a checkbox for "sold". When you finish that section you then go to the Sale of Property/Depreciation section. Go to your Asset Summary and edit every item. There will be a series of questions about the sale there. Have you gotten to that point?