sale of rental property

Forum|Forum|3 years ago
April 17, 2023
1 reply
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The premier version does not appear to be picking up my cost value of land that was inputted into turbo tax in 2018. How do I capture the land value to reduce my capital gain?

parkertm93Author

I added the value of the land to the costs of the sale to create the correct capital gain.

KrisD15

The land should have been listed separately, but you need to go to that asset (land) and allocate part of the sale proceeds to the land to get it off the books.

Next, allocate the remaining sale proceeds to the building and any other remaining assets, such as appliances.

If you were able to clear the land asset by adding it as a closing cost, I don't see any problem with the final number (capital gain) since land does not depreciate.

Were you able to report the depreciation on the building to compute Depreciation Recapture (if any)?

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