So when I did it, I got a gain of about $70k on the building, but I estimated the depreciation.
If by line 20, you mean the 4797, I put only the building, because that's the Sec. 1250 property. I separated the sales price into land and building based on the purchases, and got $185,610 on line 20, and then on line 21 goes the sales price minus whatever you depreciated it at. I used a number that's probably not exactly yours, since I don't know when in 2007 you purchased it. Line 23 is the adjusted basis, and that subtracted from the sales price gives you the gain. That's only for the building.
On line 2g goes the sale of the land. Those have to be separated because you can't depreciate land. The sales price of the land plus the house get added and carried over to Schedule D.
But that's really moot--you should be able to enter it as a sale of a depreciable asset in Turbo Tax and it should come out right, according to your 1099-S and your allocation between land and building.
It isn't really that much work to delete and re-enter the transaction, remember to prorate the land and the building--they're reported as separate items on the 4797, but come together again on the Schedule D.
This is a huge thing you're trying to do, if there's anyway you can leave it for the night and come back to it, I'd recommend it. The worst thing is frustration. I'll be here tomorrow to answer any more questions.
CherylW
