I sold commercial property. In the input screen I reported the building & land separately. The gain does not show for the land portion. How do I report the land gain?

[pa8730]

My error - I am using TT for Business; the asset is in an LLC; where do I enter the gain on the land?

[pa8730]

thanks for the reply but the answer below is for TT Premier;  I failed to mention i'm using TT Business

[pa8730]

I updated my email a/c today;  please respond to new email a/c [PII removed] TY

[DianeW]

@pa8730  This personal information is in your account where you made the change and has been updated.  I will have this personal information removed from this screen.  Thank you.

[ValerieE]

@pa8730 When you entered the property did you enter it as a single asset with the land portion broken out or did you list the land as one asset and the building as a second asset?

[pa8730]

The asset LAND was never listed - only in the Balance Sheet! The building was listed separately.  When I attempted to add the asset LAND, TT depreciated it!

[AmandaR1]

Your real estate should be entered as one real estate property, with the value of land reported too (in the depreciation section). This is important for your sale to be reported properly. 

First, you need to delete your second land 'property'. To do so:

1. Click on the Business Info tab
2. Click Continue (in the bottom right corner) until you come to the screen titled, Rental Real Estate Property Summary
3. Click the Delete button (to the right of the Edit button)
   

Next, you need to report the entire amount of your property and the land value. Then review your sale information. 

1. Click the Federal Taxes tab
2. Select the Rental Real Estate tab below it
3. Click Edit next to your property
4. Now you are on the summary screen of this rental property. 
5. Scroll down to Rental Real Estate Assets and click the Update button
6. Choose to Edit the property
7. Click to Continue through the screens until you come to the screen titled How Much Did This Asset Cost? and here you can enter the amount you paid and the value of land included in that amount 
8. Be sure to continue through this entire section 
9. Once back on the summary screen, review the last section for Dispose of Rental Real Estate Property.

[pa8730]

Very helpful;  THANK YOU!