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May 19, 2022
Question

Where do I declare that I sold my rental property in2021 that was my primary residence until August 2019?

  • May 19, 2022
  • 1 reply
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In TurboTax questions about rental property there was no place to declare I sold the property on 03/04/2021.

1 reply

Critter-3
May 20, 2022

Ok ...

Step 1 ... complete the rental section and convert all the assets to personal use to stop the depreciation.  If you have not been taking depreciation  RUN to a local tax pro now to get  this fixed ... do NOT continue on your own. 

 

Step 2 ... save the return as a PDF with all the worksheets and print off the depreciation worksheet to get the current year + prior year depreciation  to total up.

 

Step 3 ... complete the sale of personal residence section and enter the depreciation taken when prompted ... do NOT use the sale of business assets section.

 

Step 4 ... if you have trouble with steps 1-3 then seek professional assistance either thru a local tax pro or upgrading to a LIVE online option. 

 

Enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home