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Cost basis on sale of rental property incorrect

Using TurboTax Premier 2018.  Sold a rental property in 2018.  TurboTax is adding the depreciable basis to line 21 of form 4797 (Cost or other basis plus expense of sale).  My accountant's version of cost does not include this.  It makes a large difference in adjusted basis.  Is this a bug, or is there a workaround to remove the depreciable basis?  The TT asset worksheet has the correct asset expense of sale.

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3 Replies

Cost basis on sale of rental property incorrect

or maybe TT is correct and the account is incorrect????????????????  why are you assuming the accountant is correct? 

 

maybe I am not following the question...... 

Cost basis on sale of rental property incorrect

@mtfarley1 you need to provide additional details (e.g., the figures, or approximations thereof, you used and where in the program you entered those figures).

 

The test return I have saved has the correct calculations on Line 21 of Form 4797.

Cost basis on sale of rental property incorrect

Figured it out.  The accountant's cost included the depreciable basis amount.  Subtracting that amount from the cost gave me the correct answer.  BTW, my post with details was deleted by a moderator.  Won't do that again... thanks again for the replies.

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