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You are correct. If there is gain that is more than the amount of depreciation previously used there should be some capital gain treatment. It goes from the Form 4797 to the Schedule D and the land would follow this path as well.
When you use the step by step system TurboTax will walk you through it and report it correctly. For this reason I will provide the steps to follow to make sure the entry is completed correctly.
You are correct. If there is gain that is more than the amount of depreciation previously used there should be some capital gain treatment. It goes from the Form 4797 to the Schedule D and the land would follow this path as well.
When you use the step by step system TurboTax will walk you through it and report it correctly. For this reason I will provide the steps to follow to make sure the entry is completed correctly.
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