Thank you. So here are the entries that Turbotax brought in from 2023 return:
Cost $200,000
Land: 11867
Business 25% (is this right? Should this have been 100%?)
Prior Depreciation: 27719
Here is what I had entered the Sale Info as
Asset Sale Price: $167,500
Asset Sale Expense: $4600
Land Sale Price: $0
Land Sale Expense: $0
I see your point about entering Land Sale Prices. The original entry for Land is approx 6% of the cost, so I can prorate for 6% in the sale prices (hope that's the right way to do it) but when I enter approximate amounts, the gain drops to $134k, which is still high.
Should I enter 100% on the Business percentage onthe first screen? I do not know why it came in at 25% and now I am doubting if this could have affected the rental calculations all along.
Thanks.
