@CarlI am having a similar issue wherein I have a rental property that I sold in 2019. This was a personal property that I converted to business/investment in 2013 when it was worth less than when I purchased it in 2005. At that time I calculated a FMV, allocated to Land & Building, and depreciated accordingly, all in Turbo Tax. Now, I am trying to record the sale. In my case, I have neither a gain (calculated based on my original cost basis + improvements less depreciation) nor a loss (calculated based on my FMV at time of conversion less depreciation).
In the Rentals section, the FMV is shown and used to calculate a sales "gain". When I follow the instructions for special handling under "Sale of Business Property" and update the cost basis to my regular basis from the original purchase, TurboTax gives me an error that I "do not have a gain" and removes/deletes my entry. It then maintains the "gain" based on the calculation using the FMV that it carry's over from the Rental Income section. I have read all the IRS rules for calculating loss/gain, and I believe that in my circumstances, I have neither a loss nor a gain. But, how do I correctly, enter this info into Turbo Tax?
