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selling a rental property

Marjorie S
Level 3

I have all the particulars but there is no place to enter the prior depreciation to recapture

I am not getting any error report for this return

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IRonMaN
Level 15

Enter all of the info into an asset entry worksheet and report the sale there.  It's as simple as learning to tie your shoes.  Well, for most folks anyway -------- some of us had trouble learning how to tie our shoes.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

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7 Replies 7
IRonMaN
Level 15

Enter all of the info into an asset entry worksheet and report the sale there.  It's as simple as learning to tie your shoes.  Well, for most folks anyway -------- some of us had trouble learning how to tie our shoes.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

View solution in original post

Marjorie S
Level 3

Thank You for your prompt answer

I was able to solve my problem

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rftax815
Level 1

Rental Property is in NY and client lives in GA.  Client paid NYS estimated tax on the sale at closing.  Is that considered a selling expense

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Just-Lisa-Now-
Level 15
Level 15

state taxes paid is not a selling expense


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Just-Lisa-Now-
Level 15
Level 15

The program will do the heavy lifting for you and move things to where they should go if you enter the disposition information in the asset entry worksheet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Marjorie S
Level 3

Thank you for your prompt answer.

You helped solve my problem!

IRonMaN
Level 15

I'm glad you got things figure out!

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
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