ErnieS0
Expert Alumni

Get your taxes done using TurboTax

Line 6 of Form 4797 should not include the gain from line 2. The sale information may have been entered incorrectly with the land entered twice (or omitted from the sale). Asset purchase and sale entries are done differently in TurboTax.

 

In the purchase area, TurboTax subtracts the land from the cost. In the sale, you have to divide the amounts and report the structure (without land) under Asset Sales Price and the land under the land sales price.

 

You can contact a Tax Expert who can look at your entries.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"