Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I sold a rental house last year. But it does not ask me

questions about points I paid...
I sold a rental house last year. But it does not ask me questions about points I paid, the original price I bought the house for and the price I sold the house for.
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/22/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,650
Experience: Taxes, Immigration, Labor Relations
Verified

You will need to report the sale of your rental property on form 4797.

You will need to calculate your adjusted basis as

- your purchase price - that is original basis

- plus purchase and sale expenses

- plus improvements

- minus depreciation

That adjusted basis is used to calculate your gain.

Let me know if you need any help with reporting.

Ask Your Own Tax Question
Customer reply replied 28 days ago
How do i get a form 4797

You may download from the IRS - here is a link

https://www.irs.gov/pub/irs-pdf/f4797.pdf

if you are using any tax preparation software - you may search for that form.

Ask Your Own Tax Question
Customer reply replied 28 days ago
I have searched and received the form 4797 but I don't know how to import it into my tax form.

Form 4797 is attached to your tax return.

Real estate rentals are reported as section 1250 property.

As that was a rental property - you will have schedule E and schedule D in additional.

All these are attached to your main form 1040 if you choose to mail your tax return.

Ask Your Own Tax Question

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,650
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,650
32,650 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I own a rental property that has been depreciated for 10
I own a rental property that has been depreciated for 10 years. For liability reasons I want to transfer it to an S Corporation or an LLC. Does the property now have a new base?… read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
100% of a rental property was reported by taxpayer for 12
100% of a rental property was reported by taxpayer for 12 years. A relative on title for estate planning received 50% of sale proceeds. How is this correctly reported? … read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
Where do I report the sale of a commercial rental property?
Where do I report the sale of a commercial rental property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Are there any changes on 2017 Forms 4562 and Schedule E (for
are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over previous year 2016? What about Schedule A?… read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Sold my rental property in Dec 2017. For depreciation
Sold my rental property in Dec 2017. For depreciation recapture, do I only include depreciation taken in previous years or do I also depreciate for 2017 and include the amount of depreciation for 2017… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,026 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you received a form 1099-c from a rental property where
If you received a form 1099-c from a rental property where is it reported on the 1040. Ex. Property held for over a year. Amount owed per 1099- C is 150,000 fmv 90,000 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
Tax Question: IRS Form 1040, 4562 maybe tax professional For
Tax Question: IRS Form 1040, 4562 maybe tax professional For a barbershop. Would all these expenses be considered leasehold improvements or can they be expensed on schedule CThe contractors were the s… read more
Carter McBride
Carter McBride
LLM
957 satisfied customers
I have a question about filing rental property depreciation?
I have a question about filing rental property depreciation? I owned a rental property and recently had to sell it but I had to spend an awful lot of money before the sale? How do I report this on sch… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,026 satisfied customers
If a decedent owned a rental property and reported on their
If a decedent owned a rental property and reported on their 1040. What happens after they die and the rental properties are still reporting income. The income gets reported on form 1041? What will be … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am trying to claim the depreciation on rental property
I am trying to claim the depreciation on rental property placed in Jan 2017. Which section should I claim using 4562 form… read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
My 16 Schedule E's are not showing up on my tax return,
My 16 Schedule E's are not showing up on my tax return, therefore, my return is not correct. I need help BAD. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Can you claim interest or depreciation on a rental property
Can you claim interest or depreciation on a rental property if the tenant is a relative and the relative pays the mortgage and interest and insurance? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
When a partner contributes depreciated rental property to a
Hi, when a partner contributes depreciated rental property to a partnership, does the partner report anything on partner's individual tax return? Such as a transfer or disposition on Form 4797? … read more
Lev
Lev
Tax Advisor
32,650 satisfied customers
If my Schedule E loss is disallowed for a rental property
If my Schedule E loss is disallowed for a rental property (due to income level), can I take the mortgage interest and real estate taxes paid on Schedule A instead of on Schedule E?The entire expense a… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,026 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x