Get your taxes done using TurboTax

Did you enter the sale in the Rental section and again in the sale of business assets section ???  

 

Basic formula ...   

 

Purchase price + cost of purchase + cost of sale + improvements  - depreciation taken = adjusted cost basis

Sales price  -  adjusted cost basis =  profit  

Profit - depreciation taken ( amount taxed as ordinary income at a rate no more than 25%)  =  capital gains