Sale of Commercial Rental

[mrks]

I run my business as S Corporation.  In 2019, I sold a commercial rental property that my company had owned since 2000.  I made many improvements/renovations to the building.  When I sold the building I still had balances (not fully depreciated) on a few renovation items on the ledger that were related to the building and also the building had not been fully depreciated either.  When preparing the 2019 Corporate S tax using Business TurboTax, I got to a page to enter the sale of property; on that page, there is only cost associated with sale of property and there is nothing for undepreciated part of building as well as the balances of the renovation costs.  How can I record the associated costs so the net profit will not be way overstated?  Thanks!  

[tagteam]

---

@mrks wrote:

How can I record the associated costs so the net profit will not be way overstated?  

---

You either need to enter the improvements as separate assets and then show that they were disposed of (i.e., sold) or calculate your basis outside of TurboTax and enter that as one figure.