I have a case similar to message id 117873. At the end of the thread you advised that the "you will have to calculate it and do it by hand". How do we enter the hand calculations?
This was for sale of rental property, that was once used as personal residence.
If Gain: Net Proceeds from sale - (Cost - depreciation + improvements).
This is a large negative number, so no gain.
If Loss: (FMV at time of rental) - depreciation + improvements - net proceeds from sale.
This is also a large negative number, so treat as zero according to IRS Publication 544 page 5.
Loss is not based on Cost, but FMV to limit losses to the time the property was for business use (loss during personal used cannot be deducted).
When entering sale of property info into turbo tax, it asks for the cost bases (not FMV), when I enter the actual cost, I get a loss based on acquisition costs, which I know from Pub 544 will not be allowed. But when I enter FMV as the cost basis, I get a large gain, which I also understand is incorrect.
