So I guess this is a weakness in TT if your FMV is less than the original purchase price for your rental property then using the sale of business property module does not allow you to fill in the Part I of form 4197. To really accurately fill in form 4797 you MUST use the schedule E portal but then that does not allow me to use my original purchase price for calculating my sale. TT sucks in this instance....I mean TT is good but for my specific scenario it is incorrectly calculating. Now I must factor the risk of an audit versus the cost of paying an accountant to put my taxes together.
