My CPA has figured the capital gains and depreciation on the sale of my rental property.
Sold for $135,000
total gain is $116,894
tax basis is $18,106
depreciation is $50,298
long term capital gain is $66,596
TurboTax is reporting $143,595 on schedule D as capital gains and I get an alert that line 22 (depreciation) can't be larger than line 21 (Tax basis plus expenses).
So what TurboTax is calculating is more that twice of what my CPA has figured.
Any help, please.
