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Investors & landlords
I assume the only place you reported this sale was in the rental property section. If that assumption is wrong, please state where you reported this sale.
I've seen the above happen when you sell a property with multiple assets listed in the assets/depreciation section, and you show a loss on some assets with a gain on other assets. If sold at a gain, then you *must* show a gain on all assets. Doesn't matter if the gain is $50,000 on one asset, and $1 on another asset. A gain is a gain, is a gain...
To show a gain on all assets, the sales price minus the sales expenses allocated to that asset must be "at least" $1 more than the original cost basis of that asset.
May 31, 2022
4:08 PM