TurboTax Business Sale of Asset-Land

[NancyKSCH]

We sold land for 50k, cost basis 13k.

I entered it like this:

Amount business received 50k

Expenses incurred for sale 13k

Then the next screen says this:

Since you received nothing of monetary value, there was no taxable gain or loss.

Why is there no income/gain of $37k?

Thanks for your help

[MaryK4]

Can you clarify if you entered under Dispose of business property under Income?  The 13K should be entered as Basis or Cost.  

[NancyKSCH]

Yes, that is where I was trying to enter it.

I removed it from there and just entered it in long term capital gains since it was no longer listed as an asset on the balance sheet.

Thanks