So, I'm in the process of entering the sale of a rental property last year and I feel like TT is overpaying on the taxes of the sale, so figured I'd see what, if anything I'm doing wrong.
Sold a rental property last year for $505,000. Original cost basis was $483,121, leaving gains of $21,979. However, closing costs of the sale and the realtors fees were $27000 which washes out any profit from the sale of the property. However, when I enter $505,000 in the field for "asset sales price" and $27000 into the "asset sales expenses" it's dropping my estimated refund from $5,200 (from my W2, etc.) down to $1600. Considering I didn't actually make anything from the sale of property after realtors fees, does that sound right?
