AmNat,
Hm. Let’s make sure we’re in the same place. If I follow AmeliesUncle’s advice and go into:
Wages and Income
Choose Sale of Business Property under the Business Items section
Checkmark the top 3 boxes for sale of property not already reported and about recapture
I then answered no to a list of criteria because I had a loss
Then I enter I held the asset longer than one year and get to a screen that asks for:
Description
Date Acquired
Date Sold
Gross Sales Price
Cost Basis
Depreciation Taken
If you click on the Cost Basis help link, it specifically tells you: “Enter here the basis of property without deducting depreciation.” This is where you enter the purchase price.
If you use just the business portion of the sale, cost, and depreciation, you should get the right answer.
