We sold a rental property that we had in place since 2012 in September 2020. When I enter the sale under the rental property, TT is not taking into account the cost basis/purchase price that I've been using for depreciation.
What am I doing wrong?
In the depreciation tab I have the structure value at 150K and land at 30k - sold it for 365k, allocating 295k to the structure and 70k to the land. Sale expenses were ~31k... TT is saying my income is the full 334k and not accounting for the cost basis minus the ~36k in deprecitation.
