I sold a rental property last year for a profit, 50% ownership. Have had TT allocate for other properties in the past but first one I've sold. Appears to be allocating entire amount to me and doesn't appear to be considering the purchase price in the equation either! So taxed on gross sale less expenses, not net (gross less expenses less purchase price or appears that way). Only owned house for a year and a day so not much depreciation to recapture so not that I don't think.
All it asks about sale (in depreciation section) is: sales price and sales expenses. Also, wants to break it down between 'asset' and 'land' which I am ignoring as no clue on how to determine.
Doesn't ask for original cost of property, although that was entered the year before in setting it up as a rental property. Doesn't seem to be considering the profit though. Is there something wrong with TT or something I need to enter that isn't obvious to me?
Had an issue last year around the 50% allocation but it was a minor one. Help!
Thanks,
Adam
