For real estate, you don't divide the percentage like you referred to; you report 100%. However, TurboTax is not set up to automatically report this situation (and in prior years directly told you to report it incorrectly and pay WAY more tax than you should). It isn't easy to report it, so you may consider a tax professional this year.
If you try it in TurboTax, you need to know:
- How much depreciation was taken.
- Exact purchase price (including closing costs that add to the Basis).
- Exact selling price (after subtracting pertinent selling fees).
Without knowing the exact numbers, my first guess is that you have no gain and no loss. But if you have a 1099-S, it needs to be reported.
