Can you help with this matter?
I bought a property with my single ownership LLC in 2019. It was rented the same year and was always rented. For tax purposes I filed the expenses/income on my joint tax return every year.
The tenants moved out in Nov 2023 and I sold the property in April 2024.
After entering all my personal income and deductions I had a sizeable refund due to my spouse retiring.
When I entered the income/expenses for the rental and indicating I sold the property, my tax refund swung back to the red nearly 28k!
I entered the purchase price from 2019 using the asset (165k) & land (30k) values from the first return.
For the sale of the property I used the 1099-S form which showed the total amount (310k). I subtracted the original land (30k) value and entered the asset value (280k).
TT pulled in the previous years of depreciation which I changed (by $1000.00) after looking at last years form 4962.
TT indicates I have a gain of $163k on the disposition of the property.
I'm not following the math as to how I gained 163k when the difference between the original purchase price and sale is 115k.
Any help is appreciated.
