SOLD RENTAL PROPERTY - TURBO TAX WANTS LAND AND BUILDING PRICES

Forum|Forum|1 year ago
August 11, 2024
2 replies
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WE SOLD OUR RENTAL PROPERTY IN 2023 - I SELECTED THAT WE SOLD ASSET NOW TURBO TAX WANTS ME TO ENTER THE AMOUNT THE BUSINESS RECEIVED FOR BUILDING AND LAND SEPARETLY? WE DID NOT GET A BREAKDOWN AS SUCH OUT CLOSING DOCS HAVE SALE PRICE TOTAL WHAT DO I ENTER?

DoninGA

Employee

When did you purchase the property and start using it as a rental? If prior to 2023, and you were using the property as a rental you were required to report the property as a asset to be depreciated on your tax return. Did you do this?

The land value is shown on your county/city property tax statement. Use the value of the land for the year that you put the property into service as a rental.

VolvoGirl

Employee

When did you buy it? Have you been reporting the rental income and expenses each year? When you bought it you should have added it as an Asset and been expensing the depreciation on the building (not the land) so you should have those amounts.