I am trying to figure pout how TT came up with the sale of business property amount.
Here are the specifics:
Home purchased 2012
Cost 207,000
Land 72,900
Turned to rental in 2016.
Sold 2021
Cost 205,000 Less 20000 Expenses
Land 100000 Less 5000 Expenses
Prior Depreciation 21605
2021 Depreciation 2628.
TT shows a gain of 75033 and a land gain of 22000.
How is this generated? It looks to me like I only have to recoup the depreciation and a small amount of profit. I was not prepared to pay taxes on the 97133 gain. any help is greatly appreciated.
