Since you have a basis of 259,047 for the building and sold for 240,750 with 10,834 selling expense, you would have a 7,463 loss.
The land had a basis of 144,453 and sold for 134,250 less 6,020 selling expenses which would generate a 4,183 loss.
So you start with a 11,646 loss.
HOWEVER when you sell rental property, you need to "Recapture Depreciation".
Depreciation works great when the assets wears out, but that doesn't happen with real estate.
You had 24,935 depreciation taken through 2017 and you don't list the depreciation from then until you sold, but I estimate it was around 56,500 based on 259,047 depreciation value. So the depreciation recapture would be around 81,500.
Needing to recapture 81,500 but having a loss of 11,646 leaves around 80,000 to claim as income.
This is still way off from your result, but almost half, so I am wondering, did you enter the sale twice? Once in the Rental Sections and a second time in the "Sale of Business Asset" section?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
