I sold a rental house. I did not live in it at all or in any part of it. It was a separate, free-standing house, miles away from my main house. I sold it for $130,000 and this is listed on the 1099-S in box 2 as "gross proceeds"
I sold the house to an acquaintance; we did not use an agent or broker. We only contacted a title agency to transfer the title. The only expenses we incurred were the closing costs to the title company.
I received $130,000 for the house; I do not know how this was allocated between the actual home (building) and the land it sits on.
The TurboTax question is not phrased clearly for my situation. Can you tell me what numbers I should enter in the following fields?
Asset sales price (business portion only)
Asset sales expenses (business portion only)
Land sales price (business portion only)
Land sales expenses (business portion only)
