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Business & farm
I have not seen that screen before, are you able to enter the dollar amount in the box that now says zero?
Are you able to go back to the section where you reported the sale, and enter the original cost where it asks for "your basis" ?
Your basis is your value or cost. It would include what you paid for it and perhaps improvements.
Improvements would be added unless you you listed them as individual assets.
For example, if you paid 100,000 for the business, then added a 20,000 roof, the roof might be a 20,000 asset.
If you paid 100,000 for the building and put on a 20,000 roof before you went into business, the basis of the building would be 120,000.
If you bought the business only, no building, your basis is what you paid.
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‎February 26, 2023
3:35 PM