I sold a rental property in 2021 and bought it in 2007. I have followed the prompts and entered sale info from 1099-S in the section for "I sold this property" under rental income. And then also trying to go thru the asset section for the sale. But it seems I am entering in the sales price in both places and turbo tax is saying I owe a ridiculous amount of federal and state taxes. Do you enter the sales price in both places? And how do I accurately capture the cost basis? Bought it for $150,000, but made improvements around 60,000 (not all were put under assets for depreciation). Also, not finding answers of how to accurately put in land versus building costs. Can you leave those spaces blank? I went thru return and at first did not put anything in those spots an the audit check said everything looked good and minimal risk for return.
