Investors & landlords

something does seem out of whack

sales price  167

selling expenses (7?)

net 160

less basis 19 (plug to equal gain reported by Turbotax)

gain 141

 

 

cost 200

depreciation 181 (to equal the above basis

basis as above 19

 

the 181 seems excessive but since we have no access to your return we have no idea what you are doing wrong

 

however, one possibility is that if you assigned some of the $200 to land you must assign some of the sales proceeds and selling expenses to the land otherwise the cost assigned to the land is ignored resulting in an artificially high gain.