topic TurboTax Business Sale of Asset-Land in Business & farm

TurboTax Business Sale of Asset-Land

NancyKSCH — Sat, 21 Feb 2026 22:33:40 GMT

We sold land for 50k, cost basis 13k.

I entered it like this:

Amount business received 50k

Expenses incurred for sale 13k

Then the next screen says this:

Since you received nothing of monetary value, there was no taxable gain or loss.

Why is there no income/gain of $37k?

Thanks for your help

MaryK4 — Sun, 22 Feb 2026 00:35:47 GMT

Can you clarify if you entered under Dispose of business property under Income? The 13K should be entered as Basis or Cost.

NancyKSCH — Sun, 22 Feb 2026 00:45:58 GMT

Yes, that is where I was trying to enter it.

I removed it from there and just entered it in long term capital gains since it was no longer listed as an asset on the balance sheet.

Thanks