how do I report sale of rental property

we have reported rental income from this property for the past  years but we have now sold it effective January 2014  Where do enter the sale

Answer

5 people found this helpful

If you have been claiming CCA on the building, you need to show the disposition of the building in that schedule.  You need to separate the sale of the land from the sale of the building.  You can do that by using the property tax notice to get in the ballpark.  If in the past, you entered the entire cost of the property for CCA, you could have a problem.  You cannot claim CCA on land.  You would show the disposition at the lower of cost or proceeds on the T776 real estate rentals.

You will click on Income tab > investments > capital gains > tick the top option and continue.

Was this answer helpful? Yes No
Original
SuperUser

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community