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February 6, 2024
Question

sold rental property at a lost

  • February 6, 2024
  • 1 reply
  • 0 views

I read in turbo tax that if i had a lost in a sale of a rental property it would be a section 123 loss.

by entering it in the investments,  i am getting a capital gain loss which only allows 3,00$ loss.

and that was no place to put the depreciation in the calculation. what am i doing wrong. 

    1 reply

    Employee
    February 6, 2024

    You either need to enter the details of the sales transaction in the Rentals section of the program or the Sale of Business Property section.