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Investors & landlords
Wow! fantastic. I understand now, how I was getting the extra $40,000 profit. I was putting the gross sales price (property + building) on line 20 as opposed to just the building. On line 21 I was using only the building value for the initial cost. This is where the problem was. I did not know I needed to separate the land from the sale and initial purchase and divvy it up into Part 1 and Part 3. Thank you very much for your help! TurboTax see's the gains appropriately now
May 31, 2019
4:49 PM
37,409 Views