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June 1, 2019
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Closing costs for sale of rental property

  • June 1, 2019
  • 1 reply
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where can I enter closing costs of rental property
Best answer by PaulaM

Enter closing costs as a selling expense. Selling expenses are entered along with the sales price in the asset/depreciation section of the rental summary, when you dispose of the asset.

  • First, indicate that you sold the rental on the page, Do Any of These Situations Apply to This Property? Then continue until your reach the Review Your (property name) Rental Summary page.
  • Select Sale of Property/Depreciation and continue until you reach the Your Property Assets summary. If you don't see the asset listed, add it as if you still owned it. Otherwise, select Edit, next to the property and continue to enter cost data and mark boxes that the asset was sold. 
  • Continue a few more pages until reaching the Sales Information page. Finally, enter your sales price and selling expenses.

See attachments.

1 reply

PaulaMAnswer
June 1, 2019

Enter closing costs as a selling expense. Selling expenses are entered along with the sales price in the asset/depreciation section of the rental summary, when you dispose of the asset.

  • First, indicate that you sold the rental on the page, Do Any of These Situations Apply to This Property? Then continue until your reach the Review Your (property name) Rental Summary page.
  • Select Sale of Property/Depreciation and continue until you reach the Your Property Assets summary. If you don't see the asset listed, add it as if you still owned it. Otherwise, select Edit, next to the property and continue to enter cost data and mark boxes that the asset was sold. 
  • Continue a few more pages until reaching the Sales Information page. Finally, enter your sales price and selling expenses.

See attachments.

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June 1, 2019
What specific sales expenses from the HUD-1 are considered asset sales expenses?