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April 12, 2022
Question

i need to adjust the cost basis on 4797 to include the cost of the land anyone have knowledge on this

  • April 12, 2022
  • 1 reply
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    1 reply

    ColeenD3
    April 12, 2022

    You will need to go back through the interview section until you reach the screen where you will change this.

     

    There is no information as to whether or not you rented in 2021. If you did, enter the information in the Rental Section. If not, enter it in Sale of Business Property.

     

    Full steps for entering rental property:

    • The first entry for the sale is found during the set-up of the property: Tell us about your situation this year/Click Sold or disposed of property

    Next, the asset section of expenses will already be checked: 

    *Assets

    *Sold rental property

    Includes info on the property you sold or disposed of. Since we know this applies to you, we've already selected it.

    • After you click on Asset, you will be asked about the purchase: Tell Us About This Rental Asset
    • In the screen Tell Us More About This Rental Asset, you will indicate the sale the date of the sale, and the date you began using it for business. You can see the screenshot in a previous answer.
    • Next: Confirm Your Prior Depreciation
    • Next: Special Handling Required?
    • Next Home Sale?
    • Next: Sales Information. This is where you will be asked about the sales price.