Deductions & credits

 

Was $43,110 the cost for ONLY the building?  Was was that the combined cost for building and land?  Or was the TOTAL cost (building and land)  $60,000?

 

Check through your entries.  When it asks for the cost, you enter the TOTAL cost (building and land) for both the purchase price and the sales price.  So if the TOTAL purchase price/Basis was actually $60,000, it sounds like that was your mistake.  *IF* that is the case, that also would mean you did not take enough depreciation, and you may want to amend the prior tax returns to correct that.