Can I wind up a rental with TurboTax or do I need an accountant?

[tstevens]

My aging tenant moved into an assisted living facility and I am going out of the rental business.  I know there are tax implications with capital gains etc.  I had an election in the year they were allowed but since then there is a large change in the assessed value (up).  TurboTax has the capital improvements over the years on record.  But will it take them into account when I prepare my 2017 return?  I have never used an accountant - but, in this instance, perhaps I should?

[Delphision]

There may be several issues to consider regarding the sale of this residence that may make it beneficial to deal with a local accountant.  If you ever lived in the residence prior to renting, there may be a principal residence period that saves some tax.  If you claimed CCA on the residence, that will have an affect on the recapture added to income when you show it as disposed on your T776.  This will also affect any replacement appliances, if CCA was claimed.

Costs and outlays are very important, and hopefully you printed off each year of tax returns and kept all capital cost invoices. 

You should get some advice on whether you should leave the rental business inactive, but retain the residence as a rental unit until sold, rather than disposing of it to yourself at fair market value and selling it later.