Using Home Biz version. Acquired rental in 2008, sold in Aug 2020. This is what I did...
--Under Rental Properties & Royalties. Enter all rental income in 2020, fixing up cost, selling expenses, total loss for 2020 is -$32879
--Under SALE OF BUSINESS PROPERTY...
-checked mark on 'Sale of business or rental property that haven't reported
Description : 12345
Date Acquired : 08/11/2008
Date sold : 08/17/2020
Total Sale : $213250
Cost : $113668
Depreciation taken : $38424
-checked mark 'real estate that I took depreciation on'
-Installment sale : NO
-sale of other business property : NO
-Total gross proceeds 1099-S : $213250
-DONE
However, after entering all the above numbers, the page went back to 'SALE OF BUSINESS PROPERTY' and show the 'total amount of sale' is $269475.
WHY IS THIS AMOUNT is way above my sale price by$54225? I thought TT added the depreciated amount of $38424 but still don't add up. Can someone help to clarify this or is the TT error calculation?
