Sale of Business Rental Property with land and depreciable assets

Forum|Forum|2 years ago
February 10, 2024
1 reply
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I am using TT Business - I sold my rental property that is an RV lot (land) with a depreciable small building. The value is largely in the land which you do not depreciate. In TT Business I checked that the rental property was sold in 2023. This is recorded on the Schedule E form correctly. TT is asking for disposal of the small building, but not the land. How do I enter the sale?

FYI: I had the identical type of transaction in 2016 and all went well.

TurboTax Business Windows

Mike9241

if you entered them on separate asset worksheets, on each asset worksheet you must enter an allocation of the sales price and the selling expenses. if it's on one asset worksheet, then the allocations are done there

ccgarciaAuthor

In the program on Schedule E I have "124 Address, City State" rental property and I have entered the rental expenses. This is considered land for tax purposes as it is an RV lot. Among the asset I have "small building" which is on the land, but of little value compared to the land and I have been depreciating for 10 years. I checked that I sold "124 Address, City State" and I have disposed of "Small Building". I have not been asked to enter the land portion of the sale and the expenses which is the majority of the value. Where do I capture the land portion of the sale?