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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.
‎February 12, 2025
6:49 PM