I sold a rental property in 2020. I am trying to report the sales under the "Wages & Income > Rental Properties and Royalties" section. I indicated that the property was sold in 2020 and entered the closing date. I also provided the purchase price as the cost basis. However, TT calculated the Capital Gain as:
Capital Gain = Sales Price - Closing Cost at Sale
It didn't include the PURCHASE price at all even though the information has been entered!
I went through the form again and again and couldn't figure out why.
Could anyone please tell me if I have missed anything? how I can get TT to include the purchase price when calculating the capital gain?
