I sold one of my rental properties and I'm not sure where to record the 1099-S in TurboTax. We have several properties and an LLC. One of the properties under the LLC was sold. I'm a little confused as I own several properties and everything I find seems to point to setting this sale up as a separate "Profit or Loass From A Business" When I search for help on TurboTax, I receive this message:
A rental property is real estate (like a house, apartment, duplex, etc.) that's leased or rented out to others, with some exceptions.
The most common exception is if the average stay at your property is 7 days or less. For example, you rent out your home or a space in your home as a bed and breakfast or by using the popular website, Airbnb.
If your rental property falls under this or any less common exceptions (see below), you'll have to report income and expenses from your property in the Profit or Loss from Business section (in TurboTax Self-Employed that has a Business tab) or Business Income and Expenses section (all other versions of TurboTax).
I would appreciate any help for anyone that has had a similar situation. Thank you!
