4792 Line 21 seems to be calculating wrong or I need to change my cost basis of rental property I sold.
Rental property Cost as per interview answers carried over from 2018 return- Asset $43,110, Land $16,890. Rental property sales as input- Asset $52,560, Asset sales expenses of $669, Land $20,440.. Part II calculates gain on sale of Land as $3,550. This appears correct.
Part III calculates a gain on sale of Asset of $ 27,657. As calculated: Line 20 Sales price of Asset : $52,560. Line 21 Cost plus expenses : $26,889 (Cost $43,110 plus expenses $669 less $16,890). Line 22 Depreciation of $1,986. Totals a gain of $27,657 (Asset sales price $52,560 less adj basis of $24,903 (Cost plus exp $26,889 less depr $1,986)
Why is the cost of Land from Part II $16,890 reducing the cost of Asset and how do I fix it?
