I cannot figure out how TurboTax is coming up with a $162k gain for my rental property when completing calculations within that section. It was purchased in 2012, converted to rental property one year later in 2013, sold in 2020.
Shouldnt the gain be as follows?
335,000 (sale price in 2020)
-160,000 ($185k purchase price in 2012 minus $25k depreciation)
- 28,000 (sale expenses in 2020)
= $147,000
Then on the main "Wages & Income" screen it also states my Sale of Business Property is $193k despite the "gain" being stated after the calculations in sale section saying $162k... help!
