Bought the house in 2010 and started renting in 2017. Sold in 2022. Where do I enter the fair market value in turbo tax

[TurboTaxSusan]

Was the house your principal residence before you rented it? Are you using TurboTax CD/Download or TurboTax Online?

[maanthu2000]

Yes it was a principal residence before renting it out . I use TurboTax online 

[TurboTaxBrenda1]

You will need to adjust your 2017 return to say that your home has now become a rental property- then you will need find the fair market value from 2017 when you started renting your house. You should complete the Rental Property schedule indicating this to be the final year of business with the date of sale. If you had set up or taken any CCA (depreciation) in a prior year you will also need to clear those balances.

Unless you are eligible to declare this property as your qualifying Principal Residence there will be Capital Gains/Losses to calculate. 

The details of your rental property sale are entered in TurboTax under the "Investments Profile". 

• Go to Income & Expenses > Investments Profile > check the top box "Capital Gains or Losses"
• Continue to the Capital Gains Profile page, check the top box "Sold stocks, bonds, real estate or other capital property", continue
• Check box "Sold real estate & depreciable property" and continue to the page where you will be asked for these entries.

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