Sale of rental property- Loss more than $60,000

[TaxGuyBill]

Yikes.  That means that you have been taking too much depreciation (land can't be depreciated).  However, because you have already sold it, I would probably just leave it alone now.

I was originally thing the $90,000 discrepancy could have been from the land sale, but you didn't enter any land so that doesn't account for the $90,000 discrepancy.  As you said, if you can't figure it out you may need to call Customer Support so they can actually 'see' your tax return.  However, I would probably wait a few weeks until all of the forms are finalized.

[dande36]

Yeah I was just trying to see what I could enter.  Turbo Tax has been automatically calculating the depreciation every year at around $8,000 per year for 10 years.  I don't have a clue how they came up with that number.  I will wait for awhile.  Thanks again for your time

[dande36]

I guess if I can't figure it out I will take it to a professional

[dande36]

I am not sure what you mean by leave it alone??

[dande36]

I looked at last year's  Turbo Tax depreciation worksheet and it lists the house as 219.739 and land at 20,000.  I guess then I should list the land at that same amount of 20,000?  Just checked the county records show the land value at $17,000

[TaxGuyBill]

If it was listed on last year's tax return, it SHOULD have carried everything over, so the $219,739 and $20,000 should have already been there.

[vishis]

I sold a rental property at loss and want to carry over the loss for next 20 years.  Turbo tax is not generating the appropriate form to facilitate the carry over.