Investors & landlords

if you are reporting the total cost of the property as $207,000 and land as $72,900 the tax basis of the building for depreciation as calculated by Turbotax would be $207,000 - $72,900 for a tax basis of $134,100

if this is wrong seek professional help because your reporting all these years would be wrong. if the building should have been $207,000 the IRS requires you to recapture depreciation as if you had taken it on this basis. 

the correction would require filing form 3115, for which I strongly advise the use of a pro.

 

tax basis of building $134,100

depreciation taken   $24,233

net $ 109,867

sales price net $185,000

gain $185,000 -$109, 867 = $75,133 nor sure about the $100 difference