In TurboTax Business, I would report the RV park purchase of $250,000 as one asset under Federal Taxes / Deductions / Your Deductions / Depreciation of Assets / Assets.
I would report the $100,000 of capital improvements as a second asset under Federal Taxes / Deductions / Your Deductions / Depreciation of Assets / Assets.
Then I would report the sale of the assets under Federal Taxes / QuickBooks / Your Income / Dispose of Business Property / Business property assets.
Click Edit to the right of the two assets. Report date of sale and selling price, selling expenses, etc.
The sale should be reported on IRS Form 4797. Sale of land may be reflected on page one. Sale of the building and improvements are reflected on page two.
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