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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
‎September 12, 2021
1:22 PM