Hello.
I sold residential rental property in 2021. There seems to be a discrepancy between the amount of cost or other basisis plus expense of sale (Line 21) and the the Asset Entry Worksheet. Here are the high-level facts:
I purchased the home (in 2008) and entered an "asset" into TurboTax for depreciation purposes. About 30 days after closing (also in 2008), I had the foundation repaired and entered a second "asset" into TurboTax for depreciation purposes.
Now at sale, the original purchase "asset basis" is being reflected in Line 21, but the foundation "asset basis" is not in Line 21. I have entered the same "sale date" on the foundation asset worksheet, but it doesn't seem to trigger the basis being added to Line 21 (and accumulated depreciation deducted on line 22).
If I put in a sale price of $0 on asset worksheet (and the full sale price on the house asset), it shows up in Line 21, but comes as a "loss"... which I don't think is the appropriate way to handle the sale.
I'm stuck on how to accurately get the Foundation "basis" included in Line 21.
Please let me know how to handle.... do a manual entry somewhere in TT or is there an appropriate way to use Asset Entry Worksheet so it truly works and flows to all appropriate forms (my strong preference 🙂
Thank you!
