NancyKSCH
New Member

TurboTax Business Sale of Asset-Land

We sold land for 50k, cost basis 13k.

I entered it like this:

Amount business received 50k
Expenses incurred for sale 13k
Then the next screen says this:
Since you received nothing of monetary value, there was no taxable gain or loss.

Why is there no income/gain of $37k?

 

Thanks for your help