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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.
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Answered in 5 minutes by:
3/22/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,136
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 3 months 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.

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Customer reply replied 3 months 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.

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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,136
Experience: Taxes, Immigration, Labor Relations
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