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Investors & landlords
Was this a residential rental property? Have you been taking depreciation deductions?
Your gain on the sale would be the sales price ($250k) less selling expenses minus your adjusted basis (which would include accumulated depreciation on the structure).
In TurboTax you would report this as the sale of business property or, if you have been using TurboTax, you would indicate the property was sold in the Rentals section of the program.
‎December 28, 2023
3:17 PM