Question

Using TT Business, how to report sale of a rental property in a trust

Forum|Forum|1 year ago
March 20, 2025
2 replies
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I received a 1099-S for the sale of a rental property that is in a trust. In the Rental section of TT Business, I specify that the property was sold in 2024, but I am never prompted to enter sales information. In the Investment section it says I CANNOT enter an investment home that is a rental. I have to use TT Business because of the Trust, but it does not let me handle this. Any experienced ideas?

TurboTax Business Windows

J

jtax

That is a very good question. It is a bit suble.

Toward the end of the rental income section you will be asked if you have any rental assets.

You must enter yes. Then you will enter the info on the real estate (date purchased, basis, portion that is land, prior depreciation, etc.). you also enter any non-real estate property used in the rental (furnishings, appliances, whatever).

After that, you will be asked if you disposed of any of the rental assets. Answer yes and walk through the disposition.

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S

StephenMinkAuthor

Thank You! Your advice to record rental sales under the questions about assets purchased was spot on, and I finished this portion of taxes in just a few minutes. To say this particular Turbo Tax Business interface was subtle was being very polite. Thanks again.