Beauty Plus Cosmetics

How do I report the sale of a rental property (house) on my income tax?

Is there a special form for calculating the "adjusted basis" for the sale of a rental house? Is this something I can do on TurboTax, or should I get a tax person to do it for me. I have all the records from the time I purchased it to date and I don't mind pouring over the Federal Tax Code, as I know will be necessary.

The sale of any business property is reported on Form 4797. Residential real estate is reported in Section III as it is Section 1250 property subject to special depreciation recapture rules.

The premier or "home & business" versions of any of the leading tax software can handle this, however many will require you to run some manual calculations yourself including some of the basis calculations.

Your cost or other basis is the lower of your original adjusted basis or the fair market value when you placed it in service as a rental property. From that you deduct depreciation allowed or allowable.

The depreciation allowed or allowable is subject to a higher tax rate than ordinary long term capital gains. This is where Schedule D (where the totals from Form 4797 will flow to) and the calculations will get messy and where software will help quite a bit. If you're going to attempt this manually, read the Schedule D instructions very carefully before proceeding.

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