My version of TurboTax (Home and Business) does not have places to enter each of the items suggested separately (e.g., land, home, improvements). It allows entries of Date Acquired, Date Sold, Gross Sales Price, Cost Basis and Depreciation taken. I made related entries, and it generated a form 4797 and related entries in Schedule 1 and form 1040. However, it shows a loss (negative additional income) on form 1040 of $-66,772. I don't believe this is accurate, since I understood that capital losses are limited to $3,000 per year. Am I mistaken about that? If not, how do I get assistance in having TurboTax generate the correct entries on related forms?
