https://ttlc.intuit.com/community/taxes/discussion/sale-of-rental-property/01/2811035#M1019660 <P>I originally bought a rental home in 2000 and was renting the land . I have been renting it depreciating it . In 2017, I purchased the land. I sold the entire home and land in 2022. How do I add the purchase of the land into TT. If I add it as an asset, TT wants to depreciate it and will not let me continue. It was entered as a sale in the Rental Properties and Royalties depreciation section. It shows a large gain in the Sale of Business Property section because there is no basis entered for the land.</P> Fri, 06 Jan 2023 19:11:43 GMT Dixie1500 2023-01-06T19:11:43Z https://ttlc.intuit.com/community/taxes/discussion/sale-of-rental-property/01/2811035#M1019660 <P>I originally bought a rental home in 2000 and was renting the land . I have been renting it depreciating it . In 2017, I purchased the land. I sold the entire home and land in 2022. How do I add the purchase of the land into TT. If I add it as an asset, TT wants to depreciate it and will not let me continue. It was entered as a sale in the Rental Properties and Royalties depreciation section. It shows a large gain in the Sale of Business Property section because there is no basis entered for the land.</P> Fri, 06 Jan 2023 19:11:43 GMT https://ttlc.intuit.com/community/taxes/discussion/sale-of-rental-property/01/2811035#M1019660 Dixie1500 2023-01-06T19:11:43Z https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-rental-property/01/2811049#M1019665 <P>It is added as an asset so you can sell it off with all the other assets and LAND is NOT depreciated ... pay attention to the asset categories.&nbsp; The total sale price and the cost of sale must be allocated between all the assets listed ... return to that section and redo it correctly.&nbsp;</P> Fri, 06 Jan 2023 19:28:19 GMT https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-rental-property/01/2811049#M1019665 Critter-3 2023-01-06T19:28:19Z