Have a multi-member LLC which separated and sold the homestead (house and outbuildings) from the remainder of the farmland. As you can see from the screen shot above, for some reason TurboTax Business 2022 is not subtracting the original cost basis (only the sales expenses) from the gross amount reported on form 1099-S for the sale.
Thanks for your assittance.
Thanks for the suggestion.
Since the homestead was not technically used as part of the business and wasn't used as a rental (although closest option for type of asset was 'residential rental real estate' and it had never been depreciated. Thus had 0% for 'Percentage of business use' on the "Federal Asset Entry Worksheet". When changed that to 100% the basis was subtracted correctly from the sales price.
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